Americredit/GM finacial Paying almost triple what my vehicle is worth!!! arlington, Texas

      Your first sentence is evident that you are uniformed.  Comments by people like you that throw thoughtless words and accusations around about people are nonproductive.  Do you know what the word predator means juxtaposed to the word GREED!

     Comments by people such as you that you are throwing around are thoughtless words and accusations about people who are struggling are nonproductive.  Seemingly, people who are not affected by a given circumstance jump to conclusions that the people who are in a difficult situation are wrong because they should have known better.  Do you think that you are superior to another human because they are having financial difficulty? People who have financial difficulty are not criminals.

     Do you have any awareness about the unprecedented recession that begin over four years ago? Initially, the blame was placed on the consumer that has since been proven WRONG!  Unpredictable events happen to people such as the death of a family member, job loss, unasked for medical conditions and they can be multiple events that they cannot afford in the span of a few years.

     When corporations are in trouble that is accepted as understandable, they get excused! The consumer gets tossed aside and ostracized!  Why does AmeriCredit, GM, and other corporations get a pass, did they not understand terms to include ethical responsibilities?  Why should corporations receive consideration and not the consumer? 

     AmeriCredit and GM know that the human beings that you refer to as deadbeats are necessary to increase their profits and keep their stockholders happy.  They have no problem in keeping these people in a viscous cycle of trying to get ahead. This is wrong!  Stepping on and over people to get what you want is disgusting.  The majority of people hope to earn enough ncome to pay their bills and have some fun once in a while.

     For many decades wages have remained flat for the majority of America though workers productivity has risen. This is subtle slavery!  Moreover, corporations and other entities that have more than they need could take less and pay their employees a decent wage.  This would benefit the economy overall its a no brainer.

     The FTC and the Consumer Financial Protection Bureau are agencies that take complaints from consumers to do what they can to help consumers. They oversee financial practices that protects consumers from deceptive and unfair practices in the financial services industry, including protecting consumers from predatory or discriminatory lending practices, as well as deceptive or unfair loan
servicing, debt collection, and credit counseling or other debt assistance practices (Federal Trade Commission, 2012).

     The Consumer Financial Protection Bureau will begin this fall to supervise the 30 largest credit reporting companies, including Experian, Equifax and TransUnion(CFPB, 2012). This is ong overdue because other than credit reports that have incorrect information, FICO scores do not explain what happened from A to B.  They also give creditors an unfair advantage to inflate interest that could be lower.

     I would like to see a database online that consumers can access to find out about the performance of businesses to include reports about their lawsuits, fines and so forth.  The so-called risk protection should not be just for businesses. Consumers deserve to know what risk they would have doing business with companies. The so called substandard loans that AmeriCredit and GM have need to be exposed.  I think their predatory loans to people would be decreased once a person knew that over the course of their loan with them, they could pay as much interest as principal for their vehicle.
 

Federal Debt and Collections Act protection ONLY comes into play when a third party COLLECTOR is involved...a collection agency.  Perhaps instead of encouraging a deadbeat, suggesting this individual get an additional source of income is much more beneficial.  But as you can see in their posting, its all their fault and the deadbeat should be permitted to continue in their deadbeat ways and suffer no consequences.

     You may have certain rights under the (FDCPA) Fair Debt Collection Practices Act that you may find helpful.  If you have any consumer protection lawyers in your area, maybe one would be willing to talk to you without charging you.  I know that money to pay a lawyer could be impossible.

    In reference to the company in your complaint, this company knows that most of the time people cannot afford the cost of a lawyer, this is comforting to them.

     Usually when people are not affected by a given circumstance they jump to conclusions that the person who is in a difficult situation is wrong because they should have known better. This does not mean that you are superior to another human being that is faced with a hardship.   

     Vehicle sale laws can vary among the states.  In my state the statues are vague and favor business. Auto contracts, at least mine, looks like a typical contract. Though, my loan is close to the end apparently hidden in a few words is qualification to rip people off. The consumer more than ever needs protection and deserves justice!

     Assuming that you are aware of the thousands of complaints that people have been posted about AmeriCredit/GM you apparently assume that the customer is at fault. Customers are not told the truth about their account. The main reason is because they do not want customers to know that they have a so-called interest bearing loan compounding.

     GM/AmeriCredit charges their customers additional interest that could be in the thousands. It does not matter if a customer has paid on time or even pays ahead they charge additional interest. People have requested to be sent information on their account which they do not receive. I recently managed to have my account information sent to me.  By law customers are supposed to be able to receive information on their account.

     GM/AmeriCredit knows that the people they seek usually have struggled and they have no problem
with keeping them in a viscous cycle of trying to get ahead. This is wrong! Stepping on and over people to get what you want is disgusting.  

     Putting aside the unforgivable recession, events happen to people; these events cannot be predicted and horrific events can be numerous. For example, death of family member, job loss, diagnosed with an incurable medical conditions that they cannot afford in the span of a few years. We are on this planet together; empathy is useful and it feels good.

    When corporations are in trouble that is accepted as understandable, they get excused! The consumer gets tossed aside and ostracized!  Why does AmeriCredit, GM, and other corporations get a pass, did they not understand that they were making bad decisions to include dismissing ethical responsibility.  Both of these corporations have been sued many times for number of reasons that can be found by searching the internet.

     Why should corporations receive consideration and not the consumer?  For many decades wages have remained flat for the majority of Americans though workers productivity has risen. This is subtle slavery! Corporations and other entities that have more than they need could take less and pay their employees a decent wage. This would benefit the economy overall its a no brainer.

     I wonder how GM and AmeriCredit would react if every state had to include in their truth in lending vehicle loans with CLARITY what interest bearing means?  By making clear that a customer could over the course of their loan end up paying interest equal to their loan. Most likely they would have panic attacks because this would not fit their business model.

     Did you know that General Motors Financial Company Inc., formerly AmeriCredit Financial Services, on Friday agreed to pay $388 million to settle claims that AmeriCredit violated California state law by
failing to properly notify thousands of borrowers before selling their repossessed cars. The huge settlement comes a little more than four months after U.S. District Judge Dana M. Sabraw ruled that AmeriCredit had violated the California Automobile Sales Finance Act by improperly attempting to collect so-called deficiency balances money still owed after a repossessed car is auctioned.(Donahue, June 25, 2012).
 
A small victory for consumers.  

I could not have said it better than the previous poster.

They are charging a high interest rate because YOU have a track record of not paying your bills on time...but that's their fault. They make collections calls on you because YOU are late...but that's their fault. They want their money on time, everytime and that's their fault. The COLLECTORS (not customer service) are nasty...but you've done nothing for them to be calling you. They want their money because they loaned you theirs and took a gigantic chance on you, a demonstrated deadbeat and its unreasonable for them to want their money back. Yes...they are so, so unreasonable. They are so nasty because you continue to not pay your bills on time. Yes...its all their fault.