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.