ED Magedson – Founder
Americredit Financial801 Cherry Street Fortworth, Texas USA
Americredit Financial AmeriCredit This company was paid for the value of the 1994 vehicle $5,000. I explained that their interest made no sense, and I refused to pay more after 2001. In 2011 , they filed a 1099C reportedly for a value of $7,000 to the IRS directly and did not inform me. I was garnished and am being garnished for a vehicle beyond the contract worth. Fortworth Texas
I surrendered my used 1994 Nissan Quest GXE Van in 2001 to AmeriCredit. This was my second finance company, after my first finance company/car dealership went out of business in 1999. AmeriCredit changed my interest rate from 9.5% to 19.5%.
It was my second car, but even I knew this dramatic increase was suspect, so I asked them to come get my car when they would not refinance the loan. The next week, I bought the same type of car with leather interior for $3,000.00
In 2011 - AmeriCredit Financial filed a 1099C directly to the IRS for the year 2009 - reportedly for a value of $7,000. The IRS sent a notice of income increase based on this Automobile Loan gift. I disputed the release, since I did not know why they said I turned in a car in 2009.
The IRS investigated it to remove the tax increase, yet despite the lack of evidence and my impeccable Federal tax record up to the point, they allowed the 1099 C to remain without stating why. I had to pay both Federal and State tax increases with a penalty for two years being delinquent.
This report was posted on Ripoff Report on 03/10/2014 01:23 PM and is a permanent record located here: http://www.ripoffreport.com/reports/americredit-financial/fortworth-texas-76102/americredit-financial-americredit-this-company-was-paid-for-the-value-of-the-1994-vehicle-1129636. 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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