Report: #989541

Complaint Review: GM Financial

  • Submitted: Tue, January 01, 2013
  • Updated: Tue, March 12, 2013
  • Reported By: angelwings021 — Southaven Mississippi United States of America
  • GM Financial

    Arlington, Texas
    United States of America

Show customers why they should trust your business over your competitors...

I am so exhausted dealing with this company! They have ripped me off so bad and continue to do so!
The closer I get to paying them off, they keep adding extra interest and charges on to my account. My contract says that the loan is for 72 months, but when I got to 71 months with 1 month left to go, they literally added 10 more months to my contract. It even reflects 82 months on their website, and on my credit report now.
When I try to get an answer from them as to what these charges are for, I will get different answers everytime I call and get a new agent!  The agents never tell you their name only their ID #s. That's very impersonal and unprofessional to me! They refuse to do any corrospondence in writing or through e-mail, so you just have to take their word for whatever they say with no proof of what they said.
They bill you on the 10th of the month for the next month and if it is not paid by the 1st, it is considered late and you will get 10 to 20 harrassing phone calls per day, even on your job!
I signed the contract in Sept 2006 and the contract says 1st payment wasn't due until Nov 13th, 2006, but on Oct 5, 2006, the account had already accrued $62.19 for interest and when I paid my note on time on Nov 13, 2006, the interest was already at $538.96. So, when I made my first payment of $441.76 per my contract, I was already in the hole because I had not made the payment in October, which they failed to educate me on! I was screwed from the start and was at their mercy! Every penny that I paid for the 1st 6 months on this car loan went to interest, and the interest continues to keep going higher and higher. This leaves me feeling like I will never be able to pay off this car because they keep adding interest to it!
They repossed my car in Nov 2009 saying that I owed for 3 months. They count the pre billed months as past due, which means that my account always appears to look like I am past due even though I am making monthly payments. They reflect this every month on my credit report, even though I have proof that I am paying them every single month. This cannot be legal to just ruin someones credit like this!!
To add salt to injury, they repossed my car again on December 28, 2012 at 9:30 pm knowing that they were closed on the weekends, but they charge you for storage fees. When I called to ask why they repossed my car they said that I owed for Oct, Nov, and Dec, but I had proof that I only owed for December. (December wasn't even over with yet!) When it was all said and done and I paid them what they said I had to pay to get my car back, the money paid went towards Dec 2012, Jan 2013, and Feb 2013! That right folks.........Their website (which I printed) clearly states that I do not owe them another payment until March 1st. I spoke with Caroline in the reinstatement dept to question payoff totals, I asked her to send me an e-mail stating what she confirmed that I don't owe another payment until March 1st, and to send payoff total. Two days later, I am still waiting for that confirmation through e-mail, but I bet I won't get it. They will never put anything in writing because they know they will be held accountable for it!
I need a good attorney, because I know that this car has more than been paid for, but they won't let me out of it!!
Do NOT do business with GM financial or you will find yourself in the same situation! I have already paid about thirty thousand or more for a 2006 Kia Spectra, but they said that I still owe $9,089 before it will be paid off!
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This report was posted on Ripoff Report on 01/01/2013 10:37 AM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 General Comment



THE EXACT SAME SITUATION IS HAPPENING TO ME RIGHT NOW!!!! I have given these people 4600 for a 27000 vehicle and still they keep acruing interest on a loan that is only for fees. So they say. I cant ever get the same story and I dont understand why im going through this when ive payed a vehicle for 72 months. they are THIEVES AND A MAJOR RIPOFF 

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#2 Consumer Comment

and u slim from orlando

AUTHOR: The Outlaw Josey Wales - ()

don't know when 2 stop rebutting, 1 day people might b able to post and not have know it all attack them
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#3 Consumer Comment

The Loan Was "Contracted Under "Predatory" Conditions???

AUTHOR: Jim - ()

It could very well be our friend Olathe just does not know or understand the granting of credit.  That's OK, there's nothing wrong with not knowing.  What a borrower pays in APR is DIRECTLY RELATED to their credit worthiness.  Someone with a great payment record has all kinds of credit sources available to them and at very reasonable rates.  Why?  Because they have shown they can handle money and have made payments on prior accounts AS THEY AGREED THEY WOULD in the contracts governing the performance of all parties to those accounts.  As such, the lenders' risk is minimized because the borrower's track record is good.  At the other extreme, those who's track records show a history of late payments, charge-off's or repo actions are a bigger risk to the lender and as such, as a whole, increase the costs of the lender to manage those accounts.  Therefore the APR for these types is higher and often times the so-called subprime borrower has fewer financing sources to choose from.  Bottom line is the BORROWER dictates the APR.  Just like collections. 

The BORROWER "turns on" the collections efforts if that borrower fails to make payments on time, every time.  So then, what can the subprime borrower do?  They can shop around for better rates.  Often times, there are no better rates because the BORROWER has painted themselves into a subprime hole.  Who did that?  The BORROWER!  What should someone do if they can't make ends meet with their existing level of cash flow?  Only two things...decrease their outflow or increase their income!  However, what you all too often find in such cases is the borrower who can't make ends meet will spend their time looking for some "magic pill", some technicality or some clause which they think will get them out of debt.  That doesn't work.  What DOES WORK is increasing your income.  You may need to take on a second full time job, a weekend part time job or work out some system where one spouse works in one day part and the other spouse wortks in another daypart...if there is a spouse.  However, what you find all too often is the debtor realizes they can't pay their bills but doesn't want to put forth the effort to solve the problem via extra work.  The typical excuse is "there are no jobs".  If that was true, then the entire country would be unemployed.  That isn't the case, is it???  The majority is employed.  That majority got their jobs somehow, didn't they???

Anybody who buys anything on credit has the opportunity to refuse the offer due to APR.  Credit is NOT a right.  Credit worthiness is EARNED.  Neither you, me or the OP is ENTITLED to credit, nor are we ENTITLED to a low APR if our track record shows we have a history of paying late.  There is NO predatory lending here.  The OP's credit track record shows they HAVE NOT EARNED a lower APR, plain and simple!!!
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#4 Consumer Comment

4 once I agreed with bob from irvine

AUTHOR: The Outlaw Josey Wales - ()

yes this is a public site, butt u and ur friend have abuse this site. nothing give u d right 2 insult and abuse others who have been wronged  and wishes 2 express themself on ROR.
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#5 Consumer Comment

Final comment to initial complaint

AUTHOR: - ()

I think I've made my point, and I'm not exactly sure why the Harvard graduate comment was included, considering I never claimed in any of my previous posts that I have degrees from that institution. You and Jim spend WAY too much time cyberbullying people on Rip Off Report, especially people who have complaints against lenders, car dealerships, etc. While Ripoff Report lists that it protects peoples first amendment rights to freedom of speech, certain acts are prohibited per their agreement. You might give yourself a refresher by referring to their terms and conditions.  

As stated before, if the original complaint writer believes the loan was contracted under predatory conditions, contact the BBB, your state Attorney General, the FTC, and the Consumer Financial Protection Bureau.

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#6 Consumer Comment

Hey oaf..opps I mean Olathe

AUTHOR: Robert - ()

Jim is about as much of a GM employee as you are a Harvard Graduate.  The fact is that this is a PUBLIC(you do know what that word means right) Website.  So anyone can post.  If the OP or you can't handle people who not only disagree with you..but are actually right. Then move on and start your own web site where you can make your own rules and post what ever "gobbledygook" you want without anyone calling you on it.

If you took even 5 seconds and did a look around this site you would see that he(along with others) will actually post on several companies.  Sometimes in favor of the OP, and sometimes explaining to the OP why they are wrong. 

The fact is that you are basically posting against GM Finanical, but the only complaint I tend to see from you is how the DEALER sells a car at 115%-150%LTV, how the DEALER adds on extras such as GAP Insurance.  How they fail "explain" the contract at close(which is done by the DEALER).    My actual personal favorite is how the dealer adds on Sales Tax...yea I am sure they make a lot of money on that.

You do see where I am going with this..don't you?  Perhaps you should post your "advice" on any report on a dealer.

Oh and while I am sure the next thing that you will post is that I am an employee, or you might even claim that I am Jim.  The fact is that we are two totally different people..and neither of us work for GM Financial.  I will go one step further..I do not now or have I ever worked for any finance company or bank..I'll let Jim speak on his past/current employment if he desires.
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#7 REBUTTAL Owner of company


AUTHOR: - ()

Wow.I have never been so unimpressed in my life, especially since I noticed that this person posts on numerous different Rip Off pages regarding GM Financial. What he is doing is the equivalent of cyberbullying. Therefore, I am making an additional recommendation based off of his new response. 

Here are some additional tips if you truly believe your loan is predatory, which I believe you must think it is in order to make a post on Rip Off report. Try to obtain an original value for your vehicle when purchased. In addition, find your initial contract to access your purchase price, amount financed, late charges, administration fee or any other charges listed on the Truth and Lending (TIL). If you believe at any point in your contract that your vehicle was at worth at least 50% or less of what you actually owed on the vehicle, you might consider looking for an attorney in additional to filing all these reports. My guess is that it will be. Why? Because dealerships typically finance 115% to 150% of loan value on vehicles, sell the vehicles for MSRP, add on sales tax, bloated warranties, inflated Gap policies, etc, and the vehicles they finance are typically worth far less (such as what they paid for the vehicle through trade of Manheim Auto Auction which sets NADA and Blue Book values on vehicles). There have been several legal precedents since the Roosevelt administration on predatory lending, and I'll list two: one was a man whose house was valued at less than 50% than what he actually owed on it. The courts ruled it was predatory lending, they zeroed out his balance, and surprisingly enough, they ruled that he could keep his house; another more recent one was a man who was sold a refrigerator at some place like Aaron Rents, and they sold it to him for almost $900 when it was worth $150. When taking into consideration his interest rate (it was over 20%), and the amortized amount of his contract, the courts deemed the loan predatory and resolved his debt. 

Also, if this person (Jim) is actually a GM Financial employee, and he is harassing you over the internet, I think the FTC would have a fairly valid case against taking actions. They have recently fined and closed companies that use these sorts of tactics, and you can find out more about this on their website. Bottom line is this: Don't tolerate someone trolling and cyberbullying online. You might think about reporting this incident to Rip Off report as well, since they'll probably revoke his posting rights on their site for violating their agreement. 

It is an ineffectual collection tactic to call people names, to intimidate them, and to derogate their phone prior to booking the loan. This is one of the many reasons the Consumer Finance Protection intelligence. In fact, a lot of people experience the same type of contract confusions due to the terms of their contract not being fully explained at the time of close (such as dealerships glossing over rates, late fees, etc, in order to close the loan), failure of the customer to read their TIL, or failure of the lenders to discuss the terms and conditions of the loan with the borrower over the Bureau recently revised TIL's for mortgage loans; they were just too bloated for an average person to understand. 

At any rate, I hope this helps you on this loan or for future loans that you execute. Lucky for you, it was serendipity that I came across this post. I was looking for entirely something else online, but this post popped up, which tells me you did a fairly good job including certain keywords to bring people to your post. Just decided to do a good deed for the day, giving a little wise advise that I have learned over the years through college courses, business experience, etc. Good luck.
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#8 Consumer Comment

Another Very Typical No Substance Response

AUTHOR: Jim - ()

Whenever somebody hits the nail directly on the head, you can absolutely guarantee those who have ZERO REBUTTAL resort to the immature, low intelligence "you must work for them" cry. Those who come here to wail about subprime lenders overwhelmingly are crying about the collections efforts of the lender and are using nothing more than a sorry smokescreen to cover up the real issue. These habitual deadbeats ended up with a subprime lender ONLY because they shafted previous creditors and once again they are shafting another. They are SERIAL DEADBEATS. These subprime lenders have thousands of customers who aren't wailing because they realuze they need to pay their bills on time, everytime. They don't come here to wail about collectors calling, changing payment dates or asking for deferred payments. They pay their bills on time! It is quite comical to see somebody come here and recommend involving state and federal involvement. Go ahead call them. They need some laughs too. Don't forget to call the BBB too. I'm sure they will send their special SWAT team!
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#9 Consumer Comment

Reply to initial customer comment

AUTHOR: - ()

According to your contract, you probably owe the amounts stated by your financial institution. But what I don't understand is this: Why are people who obviously work for GM Financial, the company who absorbed Americredit, posting hateful remarks to customers that obviously have grievances against the company? You are not doing GM Financial any favors by making hateful comments, derogating a persons grammar, and making a point to make them look like a fool on the internet. Behavior like this is what gets companies sued. . .

I suggest that you write a well written letter to the BBB in Texas (the city that GM Financial is based out of), the Texas Attorney General's office or your state attorney general, the Federal Trade Commission, and the Consumer Financial Protection Bureau. If they cannot do anything to resolve your fees, at least they can look into improper behavior from company employees online. Americredit had a huge presence in both Florida and Texas, both of which are where these previous posts are from, so I would lean on the posters being GM Financial employees. It is completely imappropriate for companies to behave this way online towards customers, and it is one of the many reasons I will never buy a GM product again.
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#10 Consumer Comment

Thank You Michelle!

AUTHOR: Jim - ()

Yes my dear, I get right to the point, I don't sugar coat, I don't stroke and I don't tell people what they want to hear.  If I did, they won't remember that and end up doing the same thing again.  They may resent how I say it and the fact I won't tell them what they want to hear and just maybe I'll make them angry.  They'll remember that!  Maybe...just maybe they will remember how they caused their problem and learn to not do it again...because some guy in Florida told them EXACTLY how it is!
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#11 General Comment

Jim is right.

AUTHOR: Michelle - (USA)

On all points, Jim is right, as usual. You may not like how he says it, but his facts are correct.

  • In the early stages of a loan, most or all of the payment goes toward interest.
  • With subprime lenders, the interest rate is higher than with other companies.
  • When payments are deferred, or late payments are made, fees are added and interest accrues.
  • If there is a legitimate issue with the due date, then that could have been easily resolved. If the contract said the due date was the 13th, yet the finance company was saying the due date was the 1st, then a simple "here's the contract - it says the 13th" conversation should have rectified the situation. Therefore, there should have been no ongoing confusion about that.

Everything he said was right. When we sign contracts, we are responsible for making sure we understand and UPHOLD the terms of that contract.

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#12 Consumer Comment

Hey Jim---

AUTHOR: bman - (United States of America)

You are completly and totally an a**! You have never in your dull miserable life ever fell on hard times? probably not because you were born into money and probably work for s**t companies that take advantage of people in any way they can! Its people like you that makes ROAD rage or the right to carry guns an OK situation!
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#13 Consumer Comment

well jimmy that helps a lot

AUTHOR: The Outlaw Josey Wales - (United States of America)

great advice, you have your rebutt for the year, give it a rest.
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#14 Consumer Comment

The Truth


The due date is governed by the contract.  If there is this dispute as to when the payment was due, then why didn't you pursue it with them?  Why didn't you say here that you faxed copies of the contract to them to remind them of what the due date is?  Then you say something stupid like for the first six months all payments were applied to interest.  OK Einstein, guess what?  That's the way these loans work!  Same for house payments!  There's nothing illegal, immoral or unethical about that.  Then you go onto say another gem and seem to be implying they are now extorting more money from you because the contract term has changed.  Well Einstein, if you read the contract then you will see if you make late payments or have deferment of payments, the interest clock keeps on running with the end result being large amounts of interest still remain because YOU made payments late.  Who???  Y-O-U!  Guess what, Einstein, you didn't seek them out to finance you.  You were PLACED with them because prior to this loan, you developed a reputation of NOT paying your bills on time!  What happens with this loan, you STILL don't pay on time and you end up with not one but TWO repo's!  Do you ever learn?  Oh yes, they are "loan sharks", right?  They are SUBPRIME lenders and their interest rate is HIGHER for PEOPLE LIKE YOU because YOU didn't pay your bills on time and true to form, just like clockwork and right on schedule, YOU don't make YOUR PAYMENTS to these guys on time either.  If there was a LEGITIMATE issue with when the due date was, then you wouldn't have been repo'ed twice.  Either you cannot or will not understand the need to live up to the contract OR you are just making up a story to trash them because you don't like their collection actions as they go after your sorry subprime deadbeat rear end.  And no Einstein I don't work for them.
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