• Report: #1130899

Complaint Review: GM FINANCIAL

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  • Submitted: Sat, March 15, 2014
  • Updated: Sat, March 15, 2014

  • Reported By: DERRICK&LOLITA — FERNDALE Michigan
GM FINANCIAL
PO BOX183834 ARLINGTON, Texas USA

GM FINANCIAL AMERICREDIT DERRICK AND LOLITA Snow we purchase a car for $25,729 made 11 payments of $585.96 and only $2100.01 came off the balance ARLINGTON Texas

*Consumer Comment: It's called Interest.

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we derrick and lollita  we purchase a car from jim riehls dealer for $25,729 made 11 payments of $585.96 thats $6445.56 and only $2100.01 came off the balance if we would have know thats the waythey  set up the payment we would have not sign the contract the balance of the car should be $19,283.44 instead of $23,819.44


This report was posted on Ripoff Report on 03/15/2014 12:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/GM-FINANCIAL/ARLINGTON-Texas-76096/GM-FINANCIAL-AMERICREDIT-DERRICK-AND-LOLITA-Snow-we-purchase-a-car-for-25729-made-11-pa-1130899. 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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REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
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#1 Consumer Comment

It's called Interest.

AUTHOR: Robert - ()

This has to be a fake report.  Because no one can be that clueless to not know that when you borrow money you have to pay interest?  Where the worse your credit is the more interest you pay.  I really would love to know how they didn't explain this to you when you bought the car.  Or did they just stick a blank piece of paper in front of you asking you to sign it?

This is the way ALL car loans work.  You have a set payment and in the beginning of the loan you pay a majority of your payment to interest.  However, because it is a set payment as you get near the end a majority goes toward the principal. 

If(oh I mean when) you make it toward the end of your loan I bet you won't be here complaining that most of your payment is going to principal and very little is going to Interest.

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