• Report: #693495

Complaint Review: Americredit Auto Fin

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  • Submitted: Thu, February 10, 2011
  • Updated: Thu, February 10, 2011

  • Reported By: texasmaverick — Arlington Texas USA
Americredit Auto Fin
P.O.Box 183593 Arlington, Texas United States of America

Americredit Auto Fin High interest rate, no plan in place to help lower the reat, the company is a rip off, stay away at all cost Arlington, Texas

*Consumer Comment: Real World.

*Consumer Comment: Try to refinance.

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I got a loan with Americredit back in 2005 on a 2004 truck.The interest was at 17% very high at the time. I have made every payment on time, have never missed a month.I called them in Nov. of 2010 to see if they could help me by lowering the interest rate since I haven't missed any payments and have been on time every month.The truck will be paid off in 1 1/2 years. Their reply was we don't have a plan in place to help people lower their interest rate even if they have been a good customer. If they can't help a good customer, Don't help the Company to get rich off off the backs of people who really try to do them right. 

This report was posted on Ripoff Report on 02/10/2011 08:51 AM and is a permanent record located here: http://www.ripoffreport.com/r/Americredit-Auto-Fin/Arlington-Texas-76096/Americredit-Auto-Fin-High-interest-rate-no-plan-in-place-to-help-lower-the-reat-the-com-693495. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Real World.

AUTHOR: Flynrider - (USA)

  In the real world, when you sign a contract agreeing to pay 17% for a (rather absurdly long) period, the lender is expecting you to pay that amount for the period specified.   Where do you get the idea that you should automatically get a reduction in interest because you've been paying as you agreed to?   This is no ripoff.    This magical interest reduction that you are imagining does not exist in real life. 

  If your credit is good, just refinance with another lender at a lower interest rate.   That's how it's done in the real world.
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#2 Consumer Comment

Try to refinance.

AUTHOR: Robert - (USA)

Refusing to lower the interest rate is NOT a ripoff.  

You could ask them for the payoff amount and then approach a traditional bank for a SECURED loan to pay them off-your vehicle (with equity) would secure the new loan.

If you accomplish this, you should have a lower interest rate loan, but you will still have a lien on the vehicle.  This will lower the interest rate significantly and might lower your monthly payments should you get refinanced for a longer period.

If your credit worthiness is good enough, you might get a SIGNATURE (unsecured loan) from a traditional bank at a lower interest rate to pay them off although the interest rate would be higher than it would be for a secured loan.  The advantage is that for a point or two higher interest rate, the vehicle is PAID OFF and you will have a free title for it.

The choice is yours.  Good luck.
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