• Report: #998440

Complaint Review: gm financial

  • Submitted: Thu, January 17, 2013
  • Updated: Thu, January 17, 2013

  • Reported By: concerned consumer — Escondido California United States of America
gm financial
p.o. box 183834 arlington, Texas United States of America

gm financial Won't work with you!! arlington, Texas

*Consumer Comment: The whole story..

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I have been paying on this truck for 6yrs...now the contract is up and I still owe 13,000..want to keep my truck and finish paying it off but they want 2,500 a month...are you kidding me...I have been paying 800-1,000 a month trying to pay this loan off and they do not care...all the want to do is take the truck and do a charge off on my credit..I am a single mom with 3 kids, working my a.. off and they will not be reasonable..If anyone has them, be very worried...and anyone looking to have them, DON'T!!!

This report was posted on Ripoff Report on 01/17/2013 10:17 AM and is a permanent record located here: http://www.ripoffreport.com/r/gm-financial/arlington-Texas-76096/gm-financial-Wont-work-with-you-arlington-Texas-998440. 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

The whole story..

AUTHOR: Robert - (U.S.A.)

Either you bought a cheap Semi-Truck, had horrible credit and bought way above your means, or you are not telling the entire story.   Even taking your low amount of $800 a month over 6 years that is $57,600 in payments.  With the remaining $13,000 they say you owe that brings you to a grand total of $70,600. 

So my money is on the later two options.

It would take a 19% interest rate(very high) and 35K loan to even approach a monthly payment of $800, it would take a 50K loan at a good rate(5%) to hit the same range.  Then almost no matter what type of loan you have(some balloon loans wouldn't qualify), if you have made all of your payments On-Time and for the full amount owed each time.  At the end of the term..your car will be paid off. 

Next, car payments are a "fixed" amount, and I doubt you have paid extra(as if you had it would be paid off sooner).  So with those two Items I would bet that at least a few times during your loan you were late, and possibly even to the point where they already had to work with you to keep your car from getting repossessed.  Or by chance if it was repossessed they worked with you to get it back.

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