- Report: #444295
Complaint Review: Americredit Financial Services
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| Americredit Financial Services 801 Cherry Street Suite 3900
Fort Worth, Texas U.S.A. |
|
Americredit Financial Services Americredit Reposessed my car two months after it was paid off Fort Worth Texas
*Consumer Comment: Reponsed to Dave
*Consumer Comment: Robert is correct
*Consumer Comment: I totally understand we all make mistakes
*Consumer Comment: Extra Interest...
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I made my last payment on Feb 2009 for a $25,000 car on a 60 month loan. I was late on four or five payments through the life of the loan due to financial problems. But despite of my financial challenges, I managed to pay off the loan.
When I called to get the payoff, I discover that they added an additional $900 to the end of the loan. $300 in late fees (which I would have been willing to pay), but they also added $600 for what they called "Extra Interest". I went ahead and made the final payment on the car excluding the $900. I told them that I wanted to see a statement with explanation of the extra charges.
For 6 weeks, the AmeriCredit collectors harassed me. They literally filled my voicemail box every few days. I just ignored the calls while I was waiting on the statement to arrive by mail. It never arrived.
I woke up one morning to find my car missing. There were large tire marks in my yard which indicated a tow truck had removed the car. I called AmeriCredit and discovered that they repossessed the car and added another $400 in Repossession Fees to the balance. They also told me that they could keep the car if they wanted to and that they were being "Nice" by letting me pay $1300 to get the car back.
I was forced to pay via Western Union and then was told where to pick up the car. When I went to get the car, I was informed that I also had to pay another $200 for the Tow truck and storage fees.
AmeriCredit and their employees are evil.
Okie
Tulsa, Oklahoma
U.S.A.
When I called to get the payoff, I discover that they added an additional $900 to the end of the loan. $300 in late fees (which I would have been willing to pay), but they also added $600 for what they called "Extra Interest". I went ahead and made the final payment on the car excluding the $900. I told them that I wanted to see a statement with explanation of the extra charges.
For 6 weeks, the AmeriCredit collectors harassed me. They literally filled my voicemail box every few days. I just ignored the calls while I was waiting on the statement to arrive by mail. It never arrived.
I woke up one morning to find my car missing. There were large tire marks in my yard which indicated a tow truck had removed the car. I called AmeriCredit and discovered that they repossessed the car and added another $400 in Repossession Fees to the balance. They also told me that they could keep the car if they wanted to and that they were being "Nice" by letting me pay $1300 to get the car back.
I was forced to pay via Western Union and then was told where to pick up the car. When I went to get the car, I was informed that I also had to pay another $200 for the Tow truck and storage fees.
AmeriCredit and their employees are evil.
Okie
Tulsa, Oklahoma
U.S.A.
This report was posted on Ripoff Report on 04/16/2009 08:24 PM and is a permanent record located here: http://www.ripoffreport.com/r/Americredit-Financial-Services/Fort-Worth-Texas-76102/Americredit-Financial-Services-Americredit-Reposessed-my-car-two-months-after-it-was-paid-444295. 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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Dave the problem is Americredit does not send you payment histories or statements about amounts owed. I recieved calls never once was told about a repo I got told to make the payment by the end of the month and they repoed the 19th so there is the problem. This is how Americredit operates I know you wish to think that the company would send stuff to the customer but they do not. That is how they voliate state laws and have last 5 class actions suits, and numerous individual suits like my own.
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What's this?
When you pay late there are late charges as well as additional interest. For every day you're late interest is added to the balance it will take to pay the loan off.
The annual APR on a loan will be broken down per day. So lets say your loan had 4.00 per day interest if you were 30 days late thats an additional 120.00 in interest.
Americredit called you for 6 weeks and you refused to make a payment or return thier calls. I'm sure some of those calls where to warn you that they were about to repo the vehicle. I do find it hard to believe they did not send you a statement over that period of time.
What you should have done was pay the amount due. You could have then looked into going to court for the return of the extra charges. However I'm sure the payment history of the account would have shown that you did owe the money.
The annual APR on a loan will be broken down per day. So lets say your loan had 4.00 per day interest if you were 30 days late thats an additional 120.00 in interest.
Americredit called you for 6 weeks and you refused to make a payment or return thier calls. I'm sure some of those calls where to warn you that they were about to repo the vehicle. I do find it hard to believe they did not send you a statement over that period of time.
What you should have done was pay the amount due. You could have then looked into going to court for the return of the extra charges. However I'm sure the payment history of the account would have shown that you did owe the money.
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What's this? #3 Consumer Comment
I totally understand we all make mistakes
AUTHOR: Cup - (U.S.A.)
SUBMITTED: Saturday, April 18, 2009
Please do not listen to Robert since his hot air does not help. I to paid off my car exactly to a tee the amount that was requested in the only illegal letter I received from Americredit. I am now being called for an addition 500 dollars but not why and when I ask to send a bill they have not.I have yet to receive my 5 times ask for payment history or a bill with a total understanding of the 500 dollars they want now that I paid what they ask in writing after Repo. I made late payments and was never once informed in the 5 years in writing or in a phone call that paying a day late I would have to pay a large sum at the end or I would have added it each month had they once ask or put it in a bill. So my advice is look into your repossession laws in your state, contact your State Consumer Agency and contact a repo lawyer.
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What's this?
Your payments are based on you making your payment on or before the due date EACH and EVERY month. By your own admission you were late 4 or 5 times.
So for example if your payment is due on the 1st and you pay it on the 15th, you have 14 days of additional interest added to the balance of the loan. If you do this 4 or 5 times with even an average interest rate it could easily add up to $600, especially if you were late enough for them to assess late fees.
If you plug in your payments into an amortization calculator you will see where this extra interest came from.
Americredit is a Sub-Prime lender, which means you had Sub-Prime credit. You didn't seem to think they were evil when they gave you the loan. You admit you were late during the loan. You didn't even pay the $300 that you didn't dispute. You ignored the calls. Yet you are upset that they reposessed your car?
So for example if your payment is due on the 1st and you pay it on the 15th, you have 14 days of additional interest added to the balance of the loan. If you do this 4 or 5 times with even an average interest rate it could easily add up to $600, especially if you were late enough for them to assess late fees.
If you plug in your payments into an amortization calculator you will see where this extra interest came from.
Americredit is a Sub-Prime lender, which means you had Sub-Prime credit. You didn't seem to think they were evil when they gave you the loan. You admit you were late during the loan. You didn't even pay the $300 that you didn't dispute. You ignored the calls. Yet you are upset that they reposessed your car?
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What's this? 
