Payment Extension FAQs
FAQs
-
A payment extension won't cancel Auto Pay or any payments that are scheduled to occur after your extension request. If you don't want those payments to process, you'll need to cancel them.
How to cancel scheduled payments
If you’d like to cancel your upcoming one-time payment scheduled through Ally, log in and go to your Transactions.Auto Pay
If you’re enrolled in Auto Pay, you can go to Edit Auto Pay from Payments and select Cancel Auto Pay to stop all future recurring payments. You can re-enroll in Auto Pay or reschedule payments at the end of your extension period (or whenever you’d like).To cancel payments scheduled through your bank
You'll have to go through your bank to cancel these payments — you won't be able to cancel them through Ally. -
Finance charges will accrue at your contracted rate and aren't compounded during the deferral period or otherwise.
-
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.
-
We'll send you a confirmation email after you set up your extension. Once your extension is processed, we'll send you an email and a letter covering further details.
-
No, we won't charge additional late fees during your extension period.
-
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.
-
Call 1-888-925-2559 or chat with us online if you want an extension but can’t make a payment when you sign up online, and we'll try to help.
-
Yes, feel free to continue making payments during your extension to reduce finance charges. Paying during your extension won’t reverse your extension or impact its length, and it won’t affect the number of extensions you can take in the future, either.
-
If you've submitted an extension application that hasn't been processed, call us at 1-888-925-2559 to cancel. Keep in mind, you can only cancel your extension if we receive your request before we process your extension application.
If your extension application is processed, your payment due date is already pushed out. If you make a payment prior to the extended due date, we'll apply it to any accrued finance charges, then to your outstanding balance, as usual.
-
We're here to help you find what's best for you right now. Call 1-888-925-2559 or chat with us online to discuss other options that may be available for you.
-
If the payment you make for your extension returns, call 1-888-925-2559 or chat with us online to discuss options to replace that payment.
-
Deferring your payments won't extend the duration of GAP, maintenance, life, or disability insurance that may be included in your contract.
-
We'll base your extension on the status of your account at the time you requested it. Canceling payments that are scheduled to occur on or before the date you requested an extension could impact your account status, which may affect the length of your extension or when your next payment is 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.
-
You’ll pay more finance charges with an extension on a retail contract, since charges continue to accrue on the unpaid balance at the contract rate. By deferring one or more payments, you’ll pay more finance charges.
When you make your first regularly scheduled payment after the extension period, it will first be applied to satisfy any finance charges and then to the outstanding balance. How long it takes to pay down accrued finance charges depends on the amount and timing of payments you make.
You will not have to pay more finance charges with an extension on a lease contract, as leases don’t accrue them.
-
A payment extension allows you to defer your payment due date and extend the time you have to make your payment. After the extension period ends, you resume making your regularly scheduled vehicle payments.
To set up an extension, you'll need make the payment required to finalize your extension based on the amount quoted and agree to the terms.
Keep in mind: for retail contracts, a payment extension will result in up to one or more additional monthly payments after your extension period, due to the additional finance charges accrued during your extension period.
For lease contracts, an extension will not result in any additional payments, as leases do not accrue finance charges.
Modifications after extensions
If you’ve set up a payment extension, you may be able to set up a modification, as well. However, you’re only allowed a limited number of extensions, so you should only take one when you know you really need it. Keep in mind: while modifications are available for retail contracts, they are not available for leases.
-
Deferring your vehicle payment won't affect your original financing rate. Ally has no control over what affects your credit score, and payment on vehicle contracts is one of many factors that may impact a credit score.