• Report: #417690

Complaint Review: Americredit Financial

  • Submitted: Thu, January 29, 2009
  • Updated: Sat, February 20, 2010

  • Reported By:La Habra California
Americredit Financial
801 Cherry Street #3900 Ft Worth, Texas U.S.A.

Americredit Financial Corrupt Financial Institution Ft Worth Texas

*Consumer Comment: what was your outcome to this date?

*Consumer Suggestion: contact an attorney

*Author of original report: Answers PLEASE

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Re: Americredit Financial
801 Cherry St. #3900
Ft Worth, TX 76102

On May 11, 2002 I purchased a 2002 Nissan Altima from Superior Nissan in City of Industry, CA.
My car was financed through Americredit Financial. The total amount financed was $22,000.00.
The contract was for 72 months and the payments were for $534.

From 2002 I faced some financial problems and I was contacted by the staff at Americredit Financial
who offered a deferrment. All I was told was that the payment I was behind in would be added to the
end of the contract. I figured it would extend my contract for an extra month. During the
this time I was granted 3 other deferrments. I was never told that the extensions were for 2 month
increments and that the loan would be refinanced.

I continued to make payments of $535. the following month after I had requested the payment to be deferred.
When I called to set up my monthly payment for December 2008 I was informed that my contract
would mature on February 15, 2009 and I still had a balance of $10,000.00 and $1,100.00 in late fees.
I requested a copy of my payment history and I added all the payments that have made and cleared
my bank and they total $39,113.00.

When I called on Friday, January 22, 2009 that is when I was informed by the customer service
representative that the extensions are granted at 2 months intervals even if I requested only for 1
month and that the loan balance was refinanced every time an extension was granted. I was never informed of this verbally nor in writing.

When I called to see what my options were all I was told was to trade in my car and have the balance added
to the new loan or refinance with another company.

I went to the same Nissan dealer to see if I could trade in my car and when I explained my situation to the sales
representative and his manager they said they had never heard of a company doing this. I started wondering
how could I still have a balance of $10,000.00 on a car that was financed for $22,000.00 and have paid close
to $40,000.00. I have paid doubled the amount of what my contract was for.

I have seeked legal advice and was told to contact your office first. I am about to suffer an nervous
breakdown due to this situation. How am I going to come up with $10,000.00 and risk my car being repossessed
if I don't pay.

I have contacted the Better Busniess Bureau in Ft Worth Tx and California. I don't know where else to go. I am desperate.

La Habra, California

This report was posted on Ripoff Report on 01/29/2009 10:30 AM and is a permanent record located here: http://www.ripoffreport.com/r/Americredit-Financial/Ft-Worth-Texas-76102/Americredit-Financial-Corrupt-Financial-Institution-Ft-Worth-Texas-417690. 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

what was your outcome to this date?

AUTHOR: Gracie - (United States of America)

Please tell me you didnt drop this issue. Did you contact the Texas State Attorney General's office and the Federal Trade Comission's Ofc?
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#2 Consumer Suggestion

contact an attorney

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

I have had the same experience with Americredit just not the same amount of payment. I suggest you contact a lawyer in your area that handles repossessioin law. I do know out of Riverside there is a class action going on and you may want to look into that. Americredit owes me 5 dollars and a title but they claim I owe 500 dollars.
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#3 Author of original report

Answers PLEASE

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

I need to know if anyone has had there problem solved with Americredit. I have obtained a copy of the sales contract from the dealer who sold me the car and it does not say that it's an interest only loan. I have talked to an attorney and wants to know if there have been any positive reslts in dealing with this company. Please advise it is urgent I am running out of time. Thanks you.
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