• Report: #482596

Complaint Review: Americredit Auto Financial Services

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  • Submitted: Wed, August 19, 2009
  • Updated: Thu, September 16, 2010

  • Reported By: don1961 — calais Maine USA
Americredit Auto Financial Services
200 bailey ave fortworth, Texas United States of America

Americredit Auto Financial Services legalized loan sharks calais, Maine

*Consumer Comment: You bought a $23k truck for $35k? Not such a good deal.

* : What is the rip off?

* : Where you lost me...

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please becareful who you deal with. back in 2002 I wanted to buy a new truck.  I looked around at a sister company that i bought the truck i was in at that time. the truck i was interested in was $23000 . it was a 2002 ford ranger ext cab 4x4 5 speed. the truck i was trading in was a 1997 nissan hard body 4x4 5 spd. the dealer appraised the nissan for $ 7200 but i owed $9300 .  the ford ranger had a $3000 rebate and the dealer rebate $2000 which left $18000 to finance .   i thought what a great deal so i said i will take it.  about 2 hours later the finance mgr ask me to come in his office.  he said i had good news and bad. i ask what is the good news he said with lots of work he finally found a finance company to do my loan.   but the bad news is its going to be high interest rate . and also we had to roll in your old trade in bal due to all my trade was worth.  after that said  he ask if i was ok with that i said yes. the truck i was trading the loan was at 10% but this new loan will be 17%. on the old truck my payment was $280 the new truck was $540 amonth.  i never looked much over the contract just the things that i had to sign. after i got home i looked at the contract a little more and saw what the cost of the loan was with principal and interest loan total $35000.  that was on a 60 month loan.   about 2 years later i started getting late on my payments like 2 to 3 weeks sometimes.  things wasnt going good on the home front my wife wasnt helping with any of our bills and i was trying to pay all.  i had about $1600 a month in bills and my take home was 1900.  6 months later my wife and i was divioced so now was was really trying hard not to loss my truck. about 2 years later on my way to work the truck had smoke coming out from the tranfercase.  the next day i ask the dealer what was it going to cost to get it fixed. they said  as a great customer only $1600 for a new tranfer case .  the truck was out of warranty with 105,000 miles on it. i said i need to call americredit to see if they could add this on my loan. americredit said no we are not a bank i need to see a bank for that.  i when to several in my town and they said no because of my credit history and what i owe on the truck is way more than what its worth. i than call americredit back and ask if they could help me out and they said no.  also they said it sounds like you can"t  afford to maintain the truck.  so the next day i call the dealer and told them i cant get the money to fix the truck and ask if they would be interested buying it. they said yes but we only could pay $6800 . i than would have to pay $4000 to americredit to pay off the truck.  2 days later americredit called and asked if the truck was fixed i said no. than they said we have been looking over your payment history and we see you are 4 weeks late as of now. i said in 2 days i can pay a payment .  i did a western union payment.  2 days after that they called and said i need to get in my next payment.  i said next week in can .  they was calling every day to see if the payment was made.  on the next week on a thur a woman called from americredit and asked if a payment was made yet i said today i am going to. she than ask where is the truck now i said here in my yard. i ask why she said your truck is on the repo list. i than said if i make this payment today will it still be on there she said not if i get the payment in by western union quick collect  .at 12;40 pm i did that on a thur and on the following tue morning a repo man asked me for the keys to my truck while i was at work. he had already picked up my truck and i told him i have a receipt from western union and the payment should of been in there.  he said you need to talk to americredit and the truck is gong with me now. i called americredit and they said i should of called after i did the quick collect they never got it untill monday  it was to late to stop the repo. i asked how much would it cost to get my truck back they said 1600 . i said thats alot and you are crooks.  i than ask what was going to happen to my truck they said in a couple of weeks if i didnt pay it was going to a auction to the highest bidder .  3 months later i get a letter from americredit and said i owe them 6500 more for my truck they only got 4500 for it. i said i could of got 6800 at the dealer why didnt you contact them. i than asked for paper work on the sale of my truck. they said we cant do that you need to pay the bal soon. i only owed 14 more payments so they got 26000 from me in payments and 4500 at the auction i feel they got what was owed on the truck.


This report was posted on Ripoff Report on 08/19/2009 05:09 PM and is a permanent record located here: http://www.ripoffreport.com/r/Americredit-Auto-Financial-Services/fortworth-Texas-761071211/Americredit-Auto-Financial-Services-legalized-loan-sharks-calais-Maine-482596. 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

You bought a $23k truck for $35k? Not such a good deal.

AUTHOR: MovingForward - (United States of America)

OK, I have to respond to this report because I don't understand how a $23,000 truck turns into a $35,000 purchase after your trade in and downpayment.

You said: "I wanted to buy a new truck....the truck I was interested in was $23000. ...the truck i was trading in was a 1997 nissan hard body ... the dealer appraised the nissan for $7200 but i owed $9300. the ford ranger had a $3000 rebate and the dealer rebate was $2000 which left $18000 to finance. i thought what a great deal so i said i will take it."

When the dealer changed the deal, why didn't you get up and walk out with your old truck? Even the deal you describe above is too much for you to finance based on your own description of your income ($1900/month take home). Then you admit you have other bills of $1600/month before you financed this new truck! It does not matter who financed this truck for you - you set yourself up for failure. I am amazed you were able to make that payment at all since it, combined with your other bills, put you in the negative each month.

Remember, the dealership is out to sell you anything. The finance co has to make money when they loan you money. You are the one person that has to look out for yourself. In this case, the dealership saw you coming and they took advantage of you. HOWEVER, you let them do it and you knew it at the time. Not only did you give them your trade in for free - they charged you extra to take your truck off your hands. Look at the numbers above again - the best way to beat the dealership is to walk away when they start their tricks.

Now that you have a judgment against you for the $4500 - take care of it or your credit will never recover. Learn from this mistake, don't compound it. (No I don't work for any lender. I'm just trying to point out that the poster set himself up right from the beginning.)

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#2

What is the rip off?

AUTHOR: Kathryn - (U.S.A.)

After reading your report there does not seem to be any rip off done by americredit.  You were the one that signed a contract with high interest.  If a vehicle is sold at auction you are responsible for the balance.  If you don't want to pay it file for bankruptcy.  That will be your only way out of it.
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#3

Where you lost me...

AUTHOR: ReactorCore - (Canada)

Is right here:

"i never looked much over the contract just the things that i had to sign."

I'm sorry, but... It's hard to side, and empathize, with someone who "just signs" the papers without due diligence. Especially someone who is already struggling as you've indicated with divorce on their back and may be having to shoulder the additional financial responsibility of alimony or child support.

All for a truck.

You have a responsibility to yourself... To your life and to whatever you're currently responsible for, or know you're going to be responsible for in the future.

You wanted to trade in your current truck, yet I don't see where you've said that there was anything really wrong with the truck you had? I mean, the way your report reads, there was nothing terribly wrong with it. Sometimes we have to suck it up and repair and make do with what we have, but your words make me inclined to believe that you just wanted a nice, shiny, new toy.... I hope I'm wrong... I want to be wrong, but I get the feeling I'm likely not.

However, the reality of all this, is that people who shouldn't be even remotely considering financing, do. You've become the poster child for the result. On top of this, you point your finger at everyone else but yourself. You can't admit you overextended yourself.

Look, I want, very badly, a new bike to ride with a bigger engine and less maintainence. I know I could find myself a financing option (even if it was a low life, scuzzbag, high interest outfit), but I'm responsible enough to know that I have to resist even remotely considering it until I know I have enough money set aside, free and clear, to cover at least 2 payments should a financial crisis arise that would prevent me from making a normal payment that I can dip into if I have to. That's the responsible thing to do.

Again, I'm really sorry. I don't mean to harsh you out, but it seems that you've got your priorities all muddled up, and there is no excuse for just signing something without looking at the details, especially when you're in such a financially vulnerable position.
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