AmeriCredit Interest and Fees outweights the value of the car Ripoff Arlington Texas

If you are in the market for a new or used car and the auto dealer directs you to Americredit for financing DO NOT do business with Americredit.

I have an auto loan through Americredit that was introduced to me from Max Madsen Used Cars in Downers Grove, Illinois. (This is another Rip Off Report claim) Upon reviewing my Americredit statement, from the fees and interest accumulad over a 6 month period, I actually owe more on the loan than when I started 6 months prior - with payments. To break this down, I have been paying 390.00 per month. When I reviewed my statement, it stated from that 390.00 payment I have been paying 18.00 in principle and 373.00 in interest!! So at this rate, It will take me 30 years to pay off this car.

I have contacted Americredit and they will not work with me and they have called my home 2-5 times per day harassing me and my family.

Something has to be done about Americredit. If anyone is familiar with Illinois I'm sure they have heard of the lawsuit that went forth with regards to predatory leanders in Chicago. I feel Americredit preys on new car buyers or people who may have had credit issues in the past. They need to be put out of business.

Now back to the car. I purchased a Sebring sedan from Max Madsen and In was sold an aftermarket warrenty up to 50K. At 49850 the car had major problems that would require the warrenty. After I took my car to a Chrysler service center, 1 out of 5 items were cover from this warrenty. The estimated cost of repair $1200-1500. (Which I do not have) Now I have a car that I am driving with 3 children that has no windshield whipers, speedometer guage, defective airbag, no cruise control, defective gas guage and my heater only works on setting 4. At the time of purchase Max Madsen sold me a 1565.00 warrenty - which was basically worthless and 550.00 gap insurance - which I could purchase for $6 from my insurance company.

You would think from all this headache I would attempt to get rid of this monster. Well, your exactly right - I went to several dealer trying to unload this beast of burden. Come to find out the car is 8,000 to 9,000 over value and even with a new car warrenty it in non-tradeable. Boy, what a mess -- now I have a car that is over valued and hopefully can be sold outright. My only hope is that someone hits and totals the car or it is stolen and the gap insurance pays off the difference.

IF ANYONE WOULD LIKE TO JOIN ME IN A CLASS ACTION LAWSUITE AGAINST AMERICREDIT PLEASE CONTACT ME.

Praying for an accident,

David

David
Aurora, Illinois
U.S.A.