Americredit Financial Services P.O. Box 2687 1099-C for Totaled Car in Dec. 2004 Fort Worth, Texas

Americredit did not receive any bailout.  Onto you.  What did they say the 1099 was for?  Did your insurance company pay for the value of the car or did it pay for the loan contracted amount?  In all probability they paid ACF for the value of the car one second before the destruction which is always less than what you owe on it.  They may have gone after you for the difference, you didn't pay and so they LEGALLY ISSUED a 1099 for the amount you owed because as per basic accounting, such money due them but not paid by the borrower is considered income and is taxed.  Nothing new here and nothing illegal, immoral or unethical on the part of ACF.  This sort of thing is also part of the so-called real estate crisis within the realm of "loan forgiveness".