Complaint / review text:
I purchased a vehicle as a lease option to buy. My plan was to lease for 3 years and purchase at then end of the term.
I was explained by the dealers and finance reps at GMC that it's basically the same as a purchasing a vehicle with additional options. Such as you can turn the car in at the end of the lease, trade it in for a newer vehicle or purchase. I asked how that works insurance wise and they said it works the same as a purchase, if there is equity you will get it back if upside down there is gap insurance. So here I am today with 1 year left in my lease and a car rans a red light and totals out my vehicle.
Now come to find out my car has equity in the sums of close to $9,000.00 and I am now being advised by Ally that they are keeping all of the equity as I have no rights to this vehicle as I am just "renting" the vehicle and all the payments I have made are a "rent" charge. They are taking the full settlement from my insurance company and not refunding any of it to me. All of this is the opposite of what I have been advised. I put a large amount of money down at the time of signing under the impression I was "purchasing" the vehicle.
Had I have understood this was only renting, who in their right mind would put money down. How can the fact that my car was totaled be any different to them than saying I will pay the car off in full now?
This is a huge profit off of my misfortune. Do the right thing Ally.