Americredit
801 W Cherry St
Fort Worth Texas 75072
U.S.A.
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Americredit very unfriendly consumer tactics Ripoff Fort Worth Texas
2Author
1Consumer
0Employee/Owner
I would like to report that Americredit has rather harsh terms for their car loans. It turns out that you can be considered in default is your payment is only as little as 40 days past due!!! Now, granted, people should pay their loans on time, as should I. However, the loans are typically 4 or 5 years long, so being late for a month or two over that period is not really that big a deal. The company actually makes more interest the later you make your payments. However, Americredit has found me in default and has already gotten a court order to repossess my SUV even though I was only 45 days past due. One payment really!!! To me, it sounds like what they really want to do is make car loans, then repossess said vehicle, then make another loan against it, and repeat. I am the third owner of this car, and now I think I see why. The car is actually very good, not a lemon at all. But I think Americredit purposely wants to trap people into default so they repossess, re-sell and reap more interest. No dealer or bank I am aware of starts a repo process after only being 40 days late. Most wait until 90 days, some start at 75 or 60 days. Americredit is the only one I know of that starts the process this soon. Just be aware.
Cj
milwaukee, Wisconsin
U.S.A.
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REBUTTALS & REPLIES:
2Author
1Consumer
0Employee/Owner
Updates & Rebuttals
#1 Consumer Comment
AUTHOR: Christiana - Cincinnati (U.S.A.)
SUBMITTED: Friday, September 07, 2007
POSTED: Friday, September 07, 2007
Did you let them know you couldn't make a payment?
#2 Update By Author
AUTHOR: Cj - Milwaukee (U.S.A.)
SUBMITTED: Saturday, September 08, 2007
POSTED: Saturday, September 08, 2007
I did call them when I got the court order, though I generally dont reply to or take calls from creditors. The girl said part of the reason they did go ahead with legal action was because they hadnt heard from me directly. Which , ok, mea culpa, but still, even if I talked to them, my payments would still have been made as they were.
I was making regular payments when I could, sometimes partial payments, and I kept my insurance up, which I know they check on. Bottom line, what they are doing is legal cause I signed the contract, but I just feel it is a little , I dont know, there is just no need for this type action.
This is the third car I have financed,with different financial instituions,and none would have reacted or did react this hastily to a past due status. Let the buyer beware. Car loans in general are a ripoff, though. I have learned that it is best to avoid them if you can. Just buy whatever car you can afford to pay for in cash would be my advice.
