Repayment of loan
Ally Clearlane allows customers to make loan payments in various ways.
The borrower can send payment checks to the company's address, and they can also make payments online in various ways.
The loan payment can be made on the company's website or the Ally Auto App mobile application.
The mobile application allows the borrower to enable AutoPay. This function automatically debits the required monthly payment amount from the borrower's checking, or savings account via ACH debit. This type of payment does not require payment of any additional fees.
The borrower can make payments online with a debit card using CheckFreePay. This type of payment requires a $3.45 fee for each transaction.
The borrower can use some payment strategies to close the auto loan faster. The borrower is recommended to:
Round up monthly payments. Thus, the borrower can make the 13th payment on the loan for the year from the extra money they pay every month.
Refinance car loan. Refinancing will allow the borrower to reduce the loan term and lower the interest rate of an existing loan.
Early payoff
Ally Clearlane does not prevent early loan repayments. The company does not charge prepayment penalties. However, the early payoff will not help the borrower reduce the interest amount since even if the borrower closes the loan debt in one payment, they will have to pay the interest that would have accumulated by the end of the repayment term. The early payoff can only help reduce the loan term.
Canceling and refunds
Ally Clearlane allows customers to cancel payments if necessary. The payment can only be canceled by the person who made it. The company has a schedule of cancellations of payments that are scheduled on the same day:
Payments made before 3 pm ET can be canceled anytime before 3 pm ET.
Payment made between 3 pm and 6 pm ET must be canceled at any time before 6 pm ET.
If the borrower made the payment between 6 pm and 11 pm ET, they could cancel it any time before 11 pm ET.
Payments scheduled for the next day can be canceled before 3 pm ET on the payment date.
