ED Magedson – Founder
GMAC Financial ServicesPO Box 78252 Phoenix, Arizona United States of America
On 7/28/09, a dealership received our car as a trade-in, releasing us from obligation to the related GMAC auto loan.
As expected, we soon received a billing statement for the NEW car.
However, a couple weeks later, GMAC sent us "Past Due" notices for the OLD car (even though the dealership had sent GMAC the pay-off).
Upon calling GMAC, "Julias" informed us that GMAC will report us if we don't make two monthly installment's worth of payment(s) within 60 days (Sept. 8, '09).
Both we and the dealership have tried reaching GMAC for acknowledgement of the old loan's pay-off, and have been getting no confirmation whatsoever.
Last year we had done a similar transaction: we had traded in a previous car (same dealership), and GMAC promptly closed the related loan account. There were no problems that time.
But GMAC has changed since then and _this_ time GMAC refuses to acknowlege the funds which the dealership has sent to them (and the dealership says those funds have "cleared").
The dealership says this is happening to other customers as well! September 2009.
This report was posted on Ripoff Report on 09/05/2009 06:22 PM and is a permanent record located here: http://www.ripoffreport.com/r/GMAC-Financial-Services/Phoenix-Arizona-85062-8252/GMAC-Financial-Services-Refuses-to-Acknowledge-Loan-Balance-Pay-Off-Phoenix-Arizona-490786. 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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