Totally sleazy company. I opened a HELOC and took an initial amount. Couldn't make use of it immediately so planned to repay it. However I did not receive a statement with payment address. Called customer (dis)service and they told me they had sent it but would send another one. I had concerns about the payment date but they assured me that I had a grace period and would be ok. Well when the replacement statement finally arrived, it had a different grace period and my payment ended up being late and being assessed a late fee. Now that I need to draw against the HELOC, GMAC informs me that my account is permanently suspended due to the late payment which was their fault. So I paid fees to open the account, was unfairly assessed late fees, and cannot even make use of it. read more

This used to be a good outfit. They were the original lender (in 1991) on my primary residence, and I refinanced once through them in 2005 without a hitch. I'd have given them a 5 star review then. We had a good relationship, and I was a good customer, with a perfect record of on-time payments. So, in early January 2012 I contacted them again to refi my residence and my initial experience was positive: the agent (at Ally Bank) was professional, initial disclosure documents were prepared quickly, approval granted, and appraisal completed within a week. So far,so good. Then...nothing. For weeks. I emailed the agent to ask about the status and he didn't know but said he would find out. There ensued an extended period during which I exchanged dozens of emails and phone calls with four different people involved in the process, each of whom just needed "one more thing" (usually some document I had already sent but had been misplaced) and just a little more time. In between these contacts would be days and sometimes weeks of no response, which they blamed on the hectic refi market and the "complexity" of my income. Meanwhile, I watched several acquaintances who started refi's after I did close them in under six weeks. Finally, after SEVEN MONTHS, and the announcement that they would need to do another appraisal because of the delays, I'd had enough and was forced to pull the plug. I engaged a local mortgage broker in mid July and successfully closed the refi with a new lender in mid August - just over four weeks elapsed, proving GMAC's problem wasn't me or the hectic market. Maybe GMAC will get their act together and once again be a lender worthy of my business, but in the meantime I recommend avoiding them. read more

GMAC owns Ally Bank, which markets itself as a no-BS, no-hidden-fees, consumer-friendly banker. Don't believe the hype. GMAC purchased my mortgage, which fortunately is in good standing. In my experience, GMAC is one of the most consumer UNfriendly companies I have ever had to do business with. In my case, they have misrepresented the terms of my contract, delayed response to exactly the legally required 20 days per inquiry and limited any communication to snail mail to maximize delays. They are not honest in the way they do business. Be extremely cautious about entering any agreements with them. read more

GMAC were horrible. Consistently. Along all these years, from the beginning (2003) to the end (the refinancing, 02/28/2012). To write how horrible they were, I need a BOOK, so just one thing, so you can get the feeling. After refinancing, rate went down to 2.75. The original? 5.875%... I know, it's very telling, not only about them, but about me as well... I was SOOO stupid... When started negotiating with them back 2003, it was just 4 + something %. We made an initial contract, with 2 month limit, but during this 2 month they somehow "couldn't accomplish" their procedures, so "they have to" restart it all over again, sure enough, with higher rate... And this happened 3 times (the general rates were climbing then like rockets...). Can you believe it? And THAT'S how it reached the ridiculous 5.875%... I was new here then, and just didn't understand WHY it's going in this crazy way, and felt completely hopeless... Only lastly I learned it wasn't an accident, nor unprofessionalism, but rather a well-known predator-technique, which has been legally banned later... And this is only one story... I have MANY MANY more. NEVER EVER do ANYTHING with these ugly predators read more