- Report: #989541
Complaint Review: GM Financial
| GM Financial
Arlington, Texas United States of America |
|
GM Financial Americredit Financial Loan sharks out for blood Arlington, Texas
*Consumer Comment: and u slim from orlando
*Consumer Comment: The Loan Was "Contracted Under "Predatory" Conditions???
*Consumer Comment: 4 once I agreed with bob from irvine
*Consumer Comment: Final comment to initial complaint
*Consumer Comment: Hey oaf..opps I mean Olathe
*REBUTTAL Owner of company: Rebuttal
*Consumer Comment: Another Very Typical No Substance Response
*Consumer Comment: Reply to initial customer comment
*Consumer Comment: Thank You Michelle!
*General Comment: Jim is right.
*Consumer Comment: Hey Jim---
*Consumer Comment: well jimmy that helps a lot
*Consumer Comment: The Truth
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The closer I get to paying them off, they keep adding extra interest and charges on to my account. My contract says that the loan is for 72 months, but when I got to 71 months with 1 month left to go, they literally added 10 more months to my contract. It even reflects 82 months on their website, and on my credit report now.
When I try to get an answer from them as to what these charges are for, I will get different answers everytime I call and get a new agent! The agents never tell you their name only their ID #s. That's very impersonal and unprofessional to me! They refuse to do any corrospondence in writing or through e-mail, so you just have to take their word for whatever they say with no proof of what they said.
They bill you on the 10th of the month for the next month and if it is not paid by the 1st, it is considered late and you will get 10 to 20 harrassing phone calls per day, even on your job!
I signed the contract in Sept 2006 and the contract says 1st payment wasn't due until Nov 13th, 2006, but on Oct 5, 2006, the account had already accrued $62.19 for interest and when I paid my note on time on Nov 13, 2006, the interest was already at $538.96. So, when I made my first payment of $441.76 per my contract, I was already in the hole because I had not made the payment in October, which they failed to educate me on! I was screwed from the start and was at their mercy! Every penny that I paid for the 1st 6 months on this car loan went to interest, and the interest continues to keep going higher and higher. This leaves me feeling like I will never be able to pay off this car because they keep adding interest to it!
They repossed my car in Nov 2009 saying that I owed for 3 months. They count the pre billed months as past due, which means that my account always appears to look like I am past due even though I am making monthly payments. They reflect this every month on my credit report, even though I have proof that I am paying them every single month. This cannot be legal to just ruin someones credit like this!!
To add salt to injury, they repossed my car again on December 28, 2012 at 9:30 pm knowing that they were closed on the weekends, but they charge you for storage fees. When I called to ask why they repossed my car they said that I owed for Oct, Nov, and Dec, but I had proof that I only owed for December. (December wasn't even over with yet!) When it was all said and done and I paid them what they said I had to pay to get my car back, the money paid went towards Dec 2012, Jan 2013, and Feb 2013! That right folks.........Their website (which I printed) clearly states that I do not owe them another payment until March 1st. I spoke with Caroline in the reinstatement dept to question payoff totals, I asked her to send me an e-mail stating what she confirmed that I don't owe another payment until March 1st, and to send payoff total. Two days later, I am still waiting for that confirmation through e-mail, but I bet I won't get it. They will never put anything in writing because they know they will be held accountable for it!
I need a good attorney, because I know that this car has more than been paid for, but they won't let me out of it!!
Do NOT do business with GM financial or you will find yourself in the same situation! I have already paid about thirty thousand or more for a 2006 Kia Spectra, but they said that I still owe $9,089 before it will be paid off!
This report was posted on Ripoff Report on 01/01/2013 10:37 AM and is a permanent record located here: http://www.ripoffreport.com/r/GM-Financial/Arlington-Texas-/GM-Financial-Americredit-Financial-Loan-sharks-out-for-blood-Arlington-Texas-989541. 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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Search Tips#1 Consumer Comment
and u slim from orlando
AUTHOR: The Outlaw Josey Wales - ()
SUBMITTED: Saturday, March 23, 2013
#2 Consumer Comment
The Loan Was "Contracted Under "Predatory" Conditions???
AUTHOR: Jim - ()
SUBMITTED: Saturday, March 23, 2013
The BORROWER "turns on" the collections efforts if that borrower fails to make payments on time, every time. So then, what can the subprime borrower do? They can shop around for better rates. Often times, there are no better rates because the BORROWER has painted themselves into a subprime hole. Who did that? The BORROWER! What should someone do if they can't make ends meet with their existing level of cash flow? Only two things...decrease their outflow or increase their income! However, what you all too often find in such cases is the borrower who can't make ends meet will spend their time looking for some "magic pill", some technicality or some clause which they think will get them out of debt. That doesn't work. What DOES WORK is increasing your income. You may need to take on a second full time job, a weekend part time job or work out some system where one spouse works in one day part and the other spouse wortks in another daypart...if there is a spouse. However, what you find all too often is the debtor realizes they can't pay their bills but doesn't want to put forth the effort to solve the problem via extra work. The typical excuse is "there are no jobs". If that was true, then the entire country would be unemployed. That isn't the case, is it??? The majority is employed. That majority got their jobs somehow, didn't they???
Anybody who buys anything on credit has the opportunity to refuse the offer due to APR. Credit is NOT a right. Credit worthiness is EARNED. Neither you, me or the OP is ENTITLED to credit, nor are we ENTITLED to a low APR if our track record shows we have a history of paying late. There is NO predatory lending here. The OP's credit track record shows they HAVE NOT EARNED a lower APR, plain and simple!!!
#3 Consumer Comment
4 once I agreed with bob from irvine
AUTHOR: The Outlaw Josey Wales - ()
SUBMITTED: Thursday, March 21, 2013
#4 Consumer Comment
Final comment to initial complaint
AUTHOR: - ()
SUBMITTED: Thursday, March 21, 2013
As stated before, if the original complaint writer believes the loan was contracted under predatory conditions, contact the BBB, your state Attorney General, the FTC, and the Consumer Financial Protection Bureau.
#5 Consumer Comment
Hey oaf..opps I mean Olathe
AUTHOR: Robert - ()
SUBMITTED: Thursday, March 21, 2013
If you took even 5 seconds and did a look around this site you would see that he(along with others) will actually post on several companies. Sometimes in favor of the OP, and sometimes explaining to the OP why they are wrong.
The fact is that you are basically posting against GM Finanical, but the only complaint I tend to see from you is how the DEALER sells a car at 115%-150%LTV, how the DEALER adds on extras such as GAP Insurance. How they fail "explain" the contract at close(which is done by the DEALER). My actual personal favorite is how the dealer adds on Sales Tax...yea I am sure they make a lot of money on that.
You do see where I am going with this..don't you? Perhaps you should post your "advice" on any report on a dealer.
Oh and while I am sure the next thing that you will post is that I am an employee, or you might even claim that I am Jim. The fact is that we are two totally different people..and neither of us work for GM Financial. I will go one step further..I do not now or have I ever worked for any finance company or bank..I'll let Jim speak on his past/current employment if he desires.
Here are some additional tips if you truly believe your loan is predatory, which I believe you must think it is in order to make a post on Rip Off report. Try to obtain an original value for your vehicle when purchased. In addition, find your initial contract to access your purchase price, amount financed, late charges, administration fee or any other charges listed on the Truth and Lending (TIL). If you believe at any point in your contract that your vehicle was at worth at least 50% or less of what you actually owed on the vehicle, you might consider looking for an attorney in additional to filing all these reports. My guess is that it will be. Why? Because dealerships typically finance 115% to 150% of loan value on vehicles, sell the vehicles for MSRP, add on sales tax, bloated warranties, inflated Gap policies, etc, and the vehicles they finance are typically worth far less (such as what they paid for the vehicle through trade of Manheim Auto Auction which sets NADA and Blue Book values on vehicles). There have been several legal precedents since the Roosevelt administration on predatory lending, and I'll list two: one was a man whose house was valued at less than 50% than what he actually owed on it. The courts ruled it was predatory lending, they zeroed out his balance, and surprisingly enough, they ruled that he could keep his house; another more recent one was a man who was sold a refrigerator at some place like Aaron Rents, and they sold it to him for almost $900 when it was worth $150. When taking into consideration his interest rate (it was over 20%), and the amortized amount of his contract, the courts deemed the loan predatory and resolved his debt.
Also, if this person (Jim) is actually a GM Financial employee, and he is harassing you over the internet, I think the FTC would have a fairly valid case against taking actions. They have recently fined and closed companies that use these sorts of tactics, and you can find out more about this on their website. Bottom line is this: Don't tolerate someone trolling and cyberbullying online. You might think about reporting this incident to Rip Off report as well, since they'll probably revoke his posting rights on their site for violating their agreement.
It is an ineffectual collection tactic to call people names, to intimidate them, and to derogate their phone prior to booking the loan. This is one of the many reasons the Consumer Finance Protection intelligence. In fact, a lot of people experience the same type of contract confusions due to the terms of their contract not being fully explained at the time of close (such as dealerships glossing over rates, late fees, etc, in order to close the loan), failure of the customer to read their TIL, or failure of the lenders to discuss the terms and conditions of the loan with the borrower over the Bureau recently revised TIL's for mortgage loans; they were just too bloated for an average person to understand.
At any rate, I hope this helps you on this loan or for future loans that you execute. Lucky for you, it was serendipity that I came across this post. I was looking for entirely something else online, but this post popped up, which tells me you did a fairly good job including certain keywords to bring people to your post. Just decided to do a good deed for the day, giving a little wise advise that I have learned over the years through college courses, business experience, etc. Good luck.
#7 Consumer Comment
Another Very Typical No Substance Response
AUTHOR: Jim - ()
SUBMITTED: Thursday, March 21, 2013
#8 Consumer Comment
Reply to initial customer comment
AUTHOR: - ()
SUBMITTED: Thursday, March 21, 2013
I suggest that you write a well written letter to the BBB in Texas (the city that GM Financial is based out of), the Texas Attorney General's office or your state attorney general, the Federal Trade Commission, and the Consumer Financial Protection Bureau. If they cannot do anything to resolve your fees, at least they can look into improper behavior from company employees online. Americredit had a huge presence in both Florida and Texas, both of which are where these previous posts are from, so I would lean on the posters being GM Financial employees. It is completely imappropriate for companies to behave this way online towards customers, and it is one of the many reasons I will never buy a GM product again.
- In the early stages of a loan, most or all of the payment goes toward interest.
- With subprime lenders, the interest rate is higher than with other companies.
- When payments are deferred, or late payments are made, fees are added and interest accrues.
- If there is a legitimate issue with the due date, then that could have been easily resolved. If the contract said the due date was the 13th, yet the finance company was saying the due date was the 1st, then a simple "here's the contract - it says the 13th" conversation should have rectified the situation. Therefore, there should have been no ongoing confusion about that.
Everything he said was right. When we sign contracts, we are responsible for making sure we understand and UPHOLD the terms of that contract.
#11 Consumer Comment
Hey Jim---
AUTHOR: bman - (United States of America)
SUBMITTED: Wednesday, March 06, 2013
#12 Consumer Comment
well jimmy that helps a lot
AUTHOR: The Outlaw Josey Wales - (United States of America)
SUBMITTED: Tuesday, January 01, 2013

