Common use of Deficiency Waiver Clause in Contracts

Deficiency Waiver. Ally will waive (reduce to zero) any deficiency balance Ally’s records reflect as outstanding as of the Effective Date of the settlement on the accounts of all Class Members whose vehicles were voluntarily or involuntarily repossessed and disposed of on or before [insert the date of the Preliminary Approval Order]. As of [date of Preliminary Approval Order], the amount of deficiency balances to be waived total approximately $[ ] million. The agreement that these deficiency balances will be waived and forgiven is a settlement of a contested liability. The Class Representative contends that any alleged deficiency balances of Class Members whose vehicles were voluntarily or involuntarily repossessed and disposed of never arose due to the alleged failure of Ally to comply with applicable Massachusetts law. Ally disagrees with the Class Representative’s contention. You should consult your tax adviser about the tax issues associated with this settlement. Certain relief provided under this settlement may be subject to the payment of taxes. Credit Bureau Reporting Ally will request that the three nationwide consumer reporting companies—Equifax, Experian, and TransUnion—delete tradeline information related to the Ally accounts on the credit reports of Class Members whose deficiency balances are waived, as described above. NON-ENFORCEMENT OF XXXXXXX SETTLEMENT RELEASE A different class settlement is currently pending in Ally Financial Inc. x. Xxxxxxx, Case No. 16JE- AC01713-01, Jefferson County Circuit Court (the “Xxxxxxx Settlement”). You may also have received a notice about the Xxxxxxx Settlement. As part of the settlement relief in this lawsuit, Xxxx will not enforce the release in the Xxxxxxx Settlement against Class Members. As a result, any Class Member who participates in the Xxxxxxx Settlement may still participate fully in, and receive the benefits and obligations of, the settlement in this lawsuit (including the releases), but will not be subject to the Xxxxxxx Settlement release.

Deficiency Waiver. Ally will waive (reduce to zero) any deficiency balance Ally’s records reflect as outstanding as of the Effective Date of the settlement on the accounts of all Class Members whose vehicles were voluntarily or involuntarily repossessed and disposed of on or before [insert the date of the Preliminary Approval Order]. As of [date of Preliminary Approval Order], the amount of deficiency balances to be waived total approximately $[ ] million. The agreement that these deficiency balances will be waived and forgiven is a settlement of a contested liability. The Class Representative contends that any alleged deficiency balances of Class Members whose vehicles were voluntarily or involuntarily repossessed and disposed of never arose due to the alleged failure of Ally to comply with applicable Massachusetts law. Ally disagrees with the Class Representative’s contention. You should consult your tax adviser about the tax issues associated with this settlement. Certain relief provided under this settlement may be subject to the payment of taxes. Credit Bureau Reporting Ally will request that the three nationwide consumer reporting companies—Equifax, Experian, and TransUnion—delete tradeline information related to the Ally accounts on the credit reports of Class Members whose deficiency balances are waived, as described above. NON-ENFORCEMENT OF XXXXXXX SETTLEMENT RELEASE A different class settlement is currently pending in Ally Financial Inc. x. Xxxxxxx, Case No. 16JE- AC01713-01, Jefferson County Circuit Court (the “Xxxxxxx Settlement”). You may also have received a notice about the Xxxxxxx Settlement. As part of the settlement relief in this lawsuit, Xxxx Ally will not enforce the release in the Xxxxxxx Settlement against Class Members. As a result, any Class Member who participates in the Xxxxxxx Settlement may still participate fully in, and receive the benefits and obligations of, the settlement in this lawsuit (including the releases), but will not be subject to the Xxxxxxx Settlement release.

Deficiency Waiver. Ally will waive (reduce to zero) any deficiency balance Ally’s records reflect as outstanding as of the Effective Date of the settlement on the accounts of all Class Members whose vehicles were voluntarily or involuntarily repossessed and disposed of on or before [insert the date of the Preliminary Approval Order]. As of [date of Preliminary Approval Order], the amount of deficiency balances to be waived total approximately $[ ] million. The agreement that these deficiency balances will be waived and forgiven is a settlement of a contested liability. The Class Representative contends that any alleged deficiency balances of Class Members whose vehicles were voluntarily or involuntarily repossessed and disposed of never arose due to the alleged failure of Ally to comply with applicable Massachusetts law. Ally disagrees with the Class Representative’s contention. You should consult your tax adviser about the tax issues associated with this settlement. Certain relief provided under this settlement may be subject to the payment of taxes. Credit Bureau Reporting CREDIT BUREAU REPORTING Ally will request that the three nationwide consumer reporting companies—Equifax, Experian, and TransUnion—delete tradeline information related to the Ally accounts on the credit reports of Class Members whose deficiency balances are waived, as described above. NON-ENFORCEMENT OF XXXXXXX SETTLEMENT RELEASE A different class settlement is currently pending in Ally Financial Inc. x. Xxxxxxx, Case No. 16JE- AC01713-01, Jefferson County Circuit Court (the “Xxxxxxx Settlement”). You may also have received a notice about the Xxxxxxx Settlement. As part of the settlement relief in this lawsuit, Xxxx Ally will not enforce the release in the Xxxxxxx Settlement against Class Members. As a result, any Class Member who participates in the Xxxxxxx Settlement may still participate fully in, and receive the benefits and obligations of, the settlement in this lawsuit (including the releases), but will not be subject to the Xxxxxxx Settlement release.