• Report: #908704

Complaint Review: GM/AmeriCredit

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  • Submitted: Mon, July 09, 2012
  • Updated: Sun, January 13, 2013

  • Reported By: Humanity — Minneapolis Minnesota United States of America
GM/AmeriCredit
801 Cherry Street, Ste. 3500 4001 Embarcadero Dr, Texas United States of America

GM/AmeriCredit, AmeriCredit Shh! Do no tell the customer the truth... Interest bearing - compounding name of the game 4001 Embarcadero Dr , Texas

*Consumer Comment: Get a life

*Consumer Comment: What An Adult Does.

*Author of original report: Protector of the finest predator.... author 1/12/2013

*Author of original report: January 1, 2013 author defines self protects predator....

*Consumer Comment: Clarity

*Consumer Comment: And Its Wailing Time Again....

*Consumer Comment: Reap what you Sow!

*Consumer Comment: Who Is Americredit?

*Author of original report: Entitlement: Measured Success of Predators!

*Consumer Comment: Deadbeats...Unite!

*Consumer Comment: TOO FUNNY!!!.....

*Author of original report: Perseverance!

*Consumer Comment: What It Is Time To Demand

*Author of original report: Stand Up! Your voice is important!

*Author of original report: My points!

*Consumer Comment: So, all this long rant is over YOU wanting your loan terms changed?

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     AmeriCredit and GM are substandard.   Consumers did not receive any bailout, instead taxpayers were leaned on to bail them out!  GM directly and AmeriCredit indirectly by GM were helped by the American tax payer.  They do not know what the word integrity means.  They could work with people struggling by reducing their monthly payment.  Instead, they prefer to do a repossession of the customers vehicle, they can make even more profit.  There has been an improved market for used vehicles.

     AmeriCredit and GM have had numerous lawsuits over the years.  If they were ethical in their
business practice they would not have to pay huge fines for fleecing consumers, stockholders and so forth.

     I think that consumers should have access to information about the illegal practices of corporations (all in one place).  Companies get to pass judgment on the consumer based on their Fico score, therefore, the consumer should have access to their actions as a company, fair is fair. Instead, the law is on their side against the consumer because they lobby legislatures to write laws that allow them to have it their way.

     Too often the consequence to their customers is to pull them down further to continue the myth of the coined term dead beat; this is one of their favorite games.  Not to worry, these customers can return to them eventually and get another loan.  Do you know what the word predator means?

     People have suffered from the implosion of underhanded business practices that is no less than criminal. 

     AmeriCredit loans are based on compounded interest.  They have done their best to keep this fact from customers. Their loan documents should CLEARLY STATE that over the course of the loan the customer could potentially pay interest that equals the principal amount of their loan. 

     They have avoided sending information to customers who request information on their account regarding how payments were applied to principal and interest.  Recently, they have been telling customers to go online to find an amortization calculator.  The problem with their suggestion is that these calculators are based on a normal amortization that does not give customers the truth about their account. 

     When customers realize that additional interest is plopped on their account, they have not been truthful by explaining that the so-called loan is interest bearing compounded interest.  It does not matter if every payment has been paid on time or even paid ahead, they will justify  adding additional interest.

     Customers are told a number of lies when they call.  Lies such as the increased account balance are a balloon payment, never mind that a balloon payment is not included in the customers contract. They may tell you the information on your online account is not correct because the information is not updated.  Whatever it takes for them to stop customers from understanding the truth about interest, try suggesting to them that you probably could get a lower payment by refinancing with another lender because you would not have to pay all of the nterest.  One manager said that was not true implying that the interest is paid regardless.

     I have not been able to understand why AmeriCredit has not been stopped until I did research. There is a lot of information that can be found.  Eventually, this has got to catch up with them, remember the housing crisis? The truth eventually came out after they could no longer blame the consumer.


This report was posted on Ripoff Report on 07/09/2012 03:01 AM and is a permanent record located here: http://www.ripoffreport.com/r/GMAmeriCredit/4001-Embarcadero-Dr-Texas-76014/GMAmeriCredit-AmeriCredit-Shh-Do-no-tell-the-customer-the-truth-Interest-bearing-c-908704. 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

Get a life

AUTHOR: angelwings021 - (United States of America)

Jim,

Why do you stalk every single person who makes a comment on this website to defend Americredit/GM Financial?  You said that you don't work for them and are not affliated with them, but you have something nasty to say about every single post! You know what that tells me????

It tells me that Gm financial has a lot to be guilty about since you just have to go through so much to defend them! It's like you're just waiting for someone to post so you can quickly defend the crooks who are obviously ripping hundreds and thousands of people off everyday! You can go and create a new account and pretend that you are someone else with the same opinions, but the truth is, Gm financial needs to stop robbing people blind!

I pay my bills and am debt free with the exception of this car that was suppose to be paid off in September. They have now added over $5,000 on to my loan and call it interest! I've found a lawyer and am pursuing the lawsuit no matter what your opinion may be, and I suggest that everyone else do the same thing! I have been working with the  Attorney General, my attorney, and the CFPB! Oh yes, I am taking it all the way and I welcome anyone who wants to join me!
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#2 Consumer Comment

What An Adult Does.

AUTHOR: Jim - (USA)

Do life events happen causing a loss or decrease in cash flow?  Of course!  There are people who are SUBPRIME, who have never been SUBPRIME before!  Then there are those who are SUBPRIME today because they screwed their previous creditors yesterday...and TODAY, they continue to screw their current creditors...its called being a SERIAL DEADBEAT.  What about those who find themselves dealing with decreased income?  An adult accepts that AND looks for ways to correct the problem.  An adult may take on a part time job, maybe another full time job or maybe even the spouse, if there is one, does the same things.  They don't make up excuses.  They don't wail.  They don't look for some magic clause or procedure to screw their current creditors.  They see the problem, they look for a solution, they enact a solution.  It may take working 80 hours per week but that's worth their word and their integrity.  Nobody said it was easy.  Nobody said it was fair.  But the SERIAL DEADBEAT?  What do they do?  Its always somebody elses fault.  Its the banks, its the Congress, its their race, its Obama, its Bush, its the governor...its everybody else but them.  When you suggest a part time job to make ends meet the standard excuse is "there are no jobs".  How STUPID that is because if there were no jobs, the unemployment rate would be 100%!  These deadbeats won't look for a job, won't knock on doors, won't make cold calls.  They'd rather sit on their a*s and wail about how hard life is and how they are being "targeted".  Their idea of looking for a part time  job is to read the classifieds once a week.  How dare they have the motivation to go out and knock on doors and ask for work because they know NOT all job openings are advertised!  No, its wail, wail, wail.  They are "entitled" to 0% APR even if they have a credit score of negative fifty.  They are "entitled" to drive a V-8 SUV at 10 mpg and then blame the oil companies.  They are "entitled" to skip payments, pay when THEY want and how much THEY want.  And when the creditor's BILL COLLECTORS call its "class action suit" time!  Those of us who work for a living are damned sick and tired of the stinking, subprime welfare types who are nothing more than a sorry blight on this society and country.
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#3 Author of original report

Protector of the finest predator.... author 1/12/2013

AUTHOR: Humanity - (United States of America)

GM is carrying on the Amercredit predatory lending.  They betrayed many of the people that that
bailed them out, even a minimal contribution by any person paying taxes are included in bailing them out. The bailout money to keep people in their jobs was a very worthy investment. Providing the reference to financial arm implied the purchase of Americredit, GM could not have not have done squat without the bailout that in turn helped to bail out Americredit!

You speak pure BS! Corporations have written the laws that minimize protection to the consumer. ALEC and the Koch brothers are just two examples that have been paying legislatures for decades to make sure they are protected not the consumer. Hopefully, meaningful changes will come about to help consumers now that the Consumer Financial Protection Bureau (CFPB) is in place.

Laws about vehicle sales vary among the states. In my state the statues are vague and favor business. Car dealers have not explained that the year of the car affects the loan interest
rate thus allows lenders to charge within a range to the maximum. Apparently, people need to take a copy of their states auto loan statues to the car dealer.

In a previous post I questioned why would they (Americredit) weave lies instead of explaining their so-called interest bearing loans? Auto contracts, at least mine, looks like a typical contract. Though, apparently hidden in a few words is qualification to rip people off. While this may be considered old hat to the disingenuous companies and laws that protect them its wrong! 

You are making a lot of assumptions about being responsible. Life has many chapters in a persons life. The U.S. economy has courted greed. Greed, predatory lending to include fraudulent business practices brought down our economy. The majority of people would be happy with making enough money to pay their bills and have some fun once in a while. They do not rejoice in GREED!

According to Steven Greenhouse a writer for The New Your Times From 1973 to 2011, worker
productivity grew 80 percent, while median hourly compensation, after inflation, grew by just one-eighth that amount, according to the Economic Policy Institute, a liberal research group. And since 2000, productivity has risen 23 percent while real hourly pay has essentially stagnated (January 12, 2013).

Conservative and liberal economists agree on many of the forces that have driven the wage
share down. Corporate Americas push to outsource jobs whether call-center jobs to India or factory jobs to China has fattened corporate earnings, while holding down wages at home. New technologies have raised productivity and profits, while enabling companies to shed workers and slice payroll. Computers have replaced workers who tabulated numbers; robots have pushed aside many factory workers (January 12, 2013).

FYI:  I do not owe GM/Americredit a penny, my loan is paid in full.  Nevertheless, the immoral disregard for human beings needs to be rectified.  People are human beings not commodities.
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#4 Author of original report

January 1, 2013 author defines self protects predator....

AUTHOR: Humanity - (United States of America)

Wow! This post explains why predators like Americredit are the utopia of legitimacy case closed. Not!

Instead of facts, the author jumps on the bandwagon of lip service by playing the card these sorry welfare types. The authors insight takes a swipe against thousands of human beings without empirical proof. The author must have worked overtime getting to know all of these human beings he loathes to include experiencing their lives to be an authority.  Moreover, the author presents self as being a better person than the people who have loans with Americredit.

Perhaps some of the human beings that the author refers to have needed some help to survive because they can no longer hang on because of a number of valid events in their life.  Moreover, the author must be the only person that has worked and paid bills; therefore is in the position to pass judgment on anyone to include defending the unmitigated greed of predators such as Americredit.

What about the Mother that checked her sons balance on his car after reading the complaints by other people against Americredit; she could not believe that over $2,000 had been added to her sons account.  The Mother had paid every payment on time.  Her son was out of the country serving in the military. What about the person from Illinois that made his payments ahead of
time though Americredit insisted that he was behind on his payments even after he gave them proof. They continued to make calls to him about missed payments.

Americredit has played the scam game for decades. They have been in bed with car dealers to
the point of doing whatever it takes to push through a loan. Predatory lending is a business model that Americredit depends on to satisfy stocks holders and charge outrageous interest without clarity to the loan holder.  Regardless of who they make loans to they have a moral obligation to their borrowers to be truthful, Americredit to include GM cannot parade around as an upstanding business while dismissing ethical business practices.

In fact! Americredit has had problems paying their bills.  Search the web you will find information on them to include lawsuits, charges by the SEC and so forth. What happened to the promises they made?  Obviously, they get a pass because they can hire lawyers to defend them unlike the loan holders that need transportation to work.  Many of these people have families and some may have a disabled child or spouse, their life is work, worry about surviving, and above all taking care of their family. The next payday is often too far away, and they hope that they have enough money for gas to make it to work or repair a bad tire.

According to Steven Greenhouse a writer for The New Your Times From 1973 to 2011, worker productivity grew 80 percent, while median hourly compensation, after inflation, grew by just one-eighth that amount, according to the Economic Policy Institute, a liberal research group. And since 2000, productivity has risen 23 percent while real hourly pay has essentially stagnated (January 12, 2013).

Conservative and liberal economists agree on many of the forces that have driven the wage
share down. Corporate Americas push to outsource jobs whether call-center jobs to India or factory jobs to China has fattened corporate earnings, while holding down wages at home. New technologies have raised productivity and profits, while enabling companies to shed workers and slice payroll. Computers have replaced workers who tabulated numbers; robots have pushed aside many factory workers (January 12, 2013).

The author mentions loophole that is rich. 
  
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#5 Consumer Comment

Clarity

AUTHOR: Ken-JaxFL - (United States of America)

1)Just to clear a few things up. General Motors sold GMAC in the early 2000's although there is a minority ownership still to help remain competative in the market, the bailout money was for the automotive division and not the financial arm.  General Motors really shouldn't be included in this conversation.

2) Americredit is and always will be a sub prime lender, and need to remain firm in the way they handle business or people will walk all over them. To say they company has the upper hand is way wrong, the consumer is by far protected by laws both fedral and state. many of your rants are really confusing, all auto loans are simple interest loans! Your finance contract has in bold your interest rate, amount financed, number of monthly instalments, total interest charged for borrowing the money for your auto, and the total cost of ownership princaple and interest. It also tells you your grace period if ANY, and the cost if you do not comply.

As others have said you have no one to blame but yourself. If you would spend the amount of time you have ranted about how bad the company (that gave you a loan when no one else would) you could have made some extra cash to catch up on your vehicle or pay ahead. If you pay more than your normal monthly payment and note that that amount be applied to principle you may cut a few months off your loan and not have to pay interest.

Get real, be responsable for your actions, and dont live beyond your means!

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#6 Consumer Comment

And Its Wailing Time Again....

AUTHOR: Jim - (USA)

Just look at the sorry, subprime, deadbeat welfare types spend their time wailing about how they are being held to the promise they made to pay their bills on time.  Most customers of subprime lenders you never hear from because they make their payments on time, they manage their income properly and if there's a shortfall in income, they go out and look for ways to increase their cash flow by working extra hours, getting a part time job, having the spouse work etc.  But not these sorry welfare types.  They signed a contract to make each and every payment on time.  Then when they can't, rather than find a solution its cry, wail, cry some more about just how so,o,o,o unfair the lender is because that lender is holding them to their word, which is now useless.  The ONLY reason they are with a SUBPRIME lender like this is because they have a DEMONSTRATED and DOCUMENTED history of NOT paying their bills on time.  Here they are today CONTINUING in  their sorry ways!  What a great way to live!  What a fantastic example to set!  The wailers here will be sorry deadbeats in all probability for the rest of their lives.  They are looking for that magic solution, some clause, some loophole when all they need to do is get off their sorry deadbeat a*s and work for a living and if one job won't bring in enough, then you get another, sometimes part time and sometimes even a full time second job.  Thats exactly what an adult with integrity does.  Sorry, subprime, deadbeat welfare types are nothing more than a blight on this society!
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#7 Consumer Comment

Reap what you Sow!

AUTHOR: angelwings021 - (United States of America)

It is so obvious that you are an employee or affliated with GM financial/Americredit in some way!

Until you are a victim like me and so many other people from this company, I suggest you sit down and shut up! You don't know what you are talking about!
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#8 Consumer Comment

Who Is Americredit?

AUTHOR: Jim - (USA)

Americredit (ACF) is a subprime lender. Anybody who is financed by them pays a much higher interest rate than bank financing. Therefore...people don't CHOOSE to be financed by ACF...they are placed with ACF. Why? Because prior to being financed by ACF these people developed a documented and demonstrated track record of NOT paying their bills ON TIME as they agreed to do. They VOLUNTARILY became subprime credit risks, nobody did that to them. So then, now they get financed by ACF and pay higher APR's (because they paid late in the past) and what do they do? They CONTINUE to not pay their bills! They CONTINUE to not manage their money. They CONTINUE to cry and whine that ACF won't "help" them...ACF is preditory and everybody is conspiring against them. BULLSHIT! How many of these whiners spent Friday knocking on doors trying to get a part time job to supplement their income? How many of these cry babies spend their weekends working to earn extra money? No...they'd rather sit on their a*s looking for some technicality or smokescreen to use instead of bringing in more money...paying their bills...getting out of their subprime life. Do people have real money problems? Of course. But the real man or real woman may be momentarily stunned by the turn of events but in the next breath they resolve to DO SOMETHING to improve their cash flow rather than act like a little child or sorry welfare type crying, whining and stomping their feet because COLLECTORS are calling...who would not be calling if they paid their bills as they agreed to. By the way...I don't work for GM Financial and have been a subprime borrower because I didn't pay my bills. At one time I had one full time job and three part time jobs because I CHOSE to not pay my bills. Then I grew up!
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#9 Author of original report

Entitlement: Measured Success of Predators!

AUTHOR: Humanity - (United States of America)

     As usual, self-absorbed people like you lack insight and take statements out of context.  Notice that your favorite word was in quotes to reference the spewed groundless trash comment.

     However, when your favorite word deadbeat is juxtaposed to GREED the exposed reality is PREDATOR, the pure form of the word deadbeat. 

     The PREDATORS of business as usual thugs must be under a lot of stress these days in their attempt to jump up because they barely hit bottom. The con job is up; people are human beings not commodities.

     Suggestion, take a breath and go lay by your dish.  

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#10 Consumer Comment

Deadbeats...Unite!

AUTHOR: Jim - (USA)

When you don't have the income you go out and get it. You do whatever you need to do in the form of a JOB to bring in money. But not these SORRY deadbeats. They'd rather blame everybody and everything rather thzn be proactive and bring in money. Wah...wah...wah. Just listen to the sorry, stinking deadbeat welfare types cry because they don't want to pay their bills. You losers make Americans want to throw up due to your STENCH.
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#11 Consumer Comment

TOO FUNNY!!!.....

AUTHOR: Ken - (USA)

"The human beings that you refer to as deadbeats have been pushed too far, we have and will continue to demand justice subprime predators will have to answer for stealing from people to pay to their bills, paying for lawsuits, millions in fines, and lobbyists is very costly!"

You come back and admit to being EXACTLY what Jim said you were.

Isn't it amazing how the deadbeats get in over their heads and then blame EVERYONE but themselves.
Keep that entitlement attitude going, you've got a lot of company.....DEADBEAT.
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#12 Author of original report

Perseverance!

AUTHOR: Humanity - (United States of America)

I guess its comforting to think that you have all the answers....  Apparently, your self-inflated stature and misguided comments justifies defending the corporations and other entities that have caused unforgivable harm to include total disregard for numerous human beings.  Perhaps you have been on vacation the last four to five years.

Paying ones bills on time is not a problem when you have the income.  To make matters worse the numerous people kicked in the teeth so that the laws that have bought and paid for by those that worship greed thus insures that the people with the least pay the most disproportionally is ruthless and inexcusable.

The human beings that you refer to as deadbeats have been pushed too far, we have and will continue to demand justice subprime predators will have to answer for stealing from people to pay to their bills, paying for lawsuits, millions in fines, and lobbyists is very costly!

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#13 Consumer Comment

What It Is Time To Demand

AUTHOR: Jim - (USA)

Its time to demand you subprime mentality deadbeats pay your bills ON TIME rather than crying and whining because you can't stand COLLECTIONS calls. Boo h*o. Pay your damned bills and you'll never ever have a repo, bad credit or a single collection call.
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#14 Author of original report

Stand Up! Your voice is important!

AUTHOR: Humanity - (United States of America)

RE:  AmeriCredit (GM)
     I strongly encourage anyone who had had problems with the above-mentioned corporations to file a complaint with the Attorney General in your state and the Consumer Financial Protection Bureau (CFPB); you can file complaints on their website. You can also phone them with your complaints.
     Ripoff Report and other consumer complaint sites have complaints that number in the thousands against this corporation. Consumers have been accused of being the problem for far too long; its time to demand justice!  Laws have been stacked against the consumer; this is one big reason that consumers have been on losing end even when evident that the consumer had been wronged.
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#15 Author of original report

My points!

AUTHOR: Humanity - (United States of America)

This may be an assumption on part, if so, I apologize. You are either uniformed, work for the company, or are self-righteous.  My post represents just some of the practices pulled by the company you defend.  Moreover, my discussion does not represent just myself; numerous other people have been victimized and misled by this shameless company.

I do not blame the Obama administration for doing what they thought would help the economy. However, his administration was not involved in GMs purchase of AmeriCredit. GM apparently dismissed the numerous people who have suffered because of the shredded economy.  Companies that received a bailout should have been mandated to work with their customers given
the unprecedented events in the economy. 

Why should corporations receive consideration and not the consumer?  For many decades wages have remained flat for the majority of America 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.

Laws about vehicle sales vary among the states.  In my state the statues are vague and favor business.  Why should a person that has made all or the majority of their vehicle payments not receive fair consideration? The majority of people would be happy with making enough money to pay their bills and have some fun once in a while.  They do not rejoice in GREED!

I have not had my vehicle repossessed as you assume.  However, until recently I did not realize how grievously AmeriCredit misrepresented their loans to their customers. WHY would they not be forthcoming with their customers if they had nothing to hide?

Why would they weave lies instead of explaining their so-called interest bearing loans?  Auto contracts, at least mine, looks like a typical contract. Though, apparently hidden in a few words is qualification to rip people off.  While this may be considered old hat to the disingenuous companies and laws that protect them its wrong! 

Events that could not be predicted happened to people, these events could be numerous, such as the death of a family member, job loss, unasked for medical conditions that they cannot afford in the span of a few years.

AmeriCredit knows that the people they seek usually have struggled and they have no problem in 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.

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

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 benefit them or meet their bottom line expectations.

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.  You might want to check out the following links, interesting read:
 
(((links redacted)))

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#16 Consumer Comment

So, all this long rant is over YOU wanting your loan terms changed?

AUTHOR: Ken - (USA)

"They do not know what the word integrity means.  They could work with people struggling by reducing their monthly payment.  Instead, they prefer to do a repossession of the customers vehicle."

The time to negotiate terms is when you take out the loan, before signing the agreement.

YOU can't expect them to change the terms mid-loan. Does failure to change the terms mean they're substandard and unethical?

Those "bailed out" by the taxpayers have repaid the loans with interest.. what, then is your point?

Sorry you lost your vehicle, but contracts require on time, correct amount payments, EVERY time.
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