ED Magedson – Founder
Americredit4000 Embarcadero Dr Arlington, Texas United States of America
Just got off the phone with The Texas State Attorney's Office Greg Abbott 214-969-5310 extension 8825 Joanne. They are close to launching an investigation of this company but would like some more complaints to do so. You can easily file a complaint online at http://www.oag.state.tx.us/consumer/complain.shtml or send it by USPS Below is a letter which describes my complaint
I have recently made the final payment on my 2004 Mercury Grand Marquis and was amazed to find out that besides the $179.56 in late fees and $39.28 interest due there was a usurious fee of $3,782,31 added on. This is of course absurd as that would make the total payoff over 60 months $31,406.32 on a $17,264.74 loan (81.9%!!!) instead of the agreed on $27,624.00. The $3,782.31 is a fictional fee that cant be explained by any accounting method. This is neither an amortized amount nor straight line interest. Your term for it is extension fee I have paid the $218.84 in late fees and interest and will pay the 4 installments of $1,005.02 by the 27th of each month as agreed with your employee James. However please be advised that if the full $3,782.31 is not forgiven by Tuesday August 10, 2010 I will notify the Attorney General Greg Abbott of Texas in regards to the usurious charges.
This report was posted on Ripoff Report on 08/25/2010 01:29 PM and is a permanent record located here: http://www.ripoffreport.com/reports/americredit/arlington-texas-76014/americredit-usurious-fees-arlington-texas-634461. 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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