Complaint Review: GMAC Auto Financing - Bloomington Minnesota
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- Author Confirmed
- GMAC Auto Financing https://www.gmacfs.com Bloomington, Minnesota U.S.A.
- Phone: 800-200-4622
- Web:
- Category: Loans
GMAC Auto Financing auto financing rif-oo Bloomington Minnesota
*UPDATE Employee: Good Job
*Consumer Comment: Refigure it this way.
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GMAC is just a big rip-off and I wish I knew before agreeing to get mt automobile financed by them.
I have been making payments on my automobile since 2006. Now for every loan calculated based o n simple interest for a given length of time we all know that the interest rate is divided per the number of days in a year and then multiplied by the number of days in a month then multiplied by the unpaid balance to get a monthly finance charge. But how some months with 28 days have higher finance charges than months with 31 days. That was the first red flag. So I called GMAC to find out how they come up with monthly finance charges. I was told the same thing I figured. So I asked the rep why my Feb months have higher finance charges than Jan. They came up with a crazy logic. My monthly payments are due on the 23rd of each month and I have never been late. I always like to send my payment out on the 15th of each month so that it gets posted on time by the due date. They came up with a silly excuse that if my payment is received and posted on the 19th of a month for instance, then the next months finance charge will include the days b/w the day I pay and my payment due date. That didnt make sense to me b/c to the best of my knowledge most finance companies would be happy if customers pay in advance.
Another thing is if you make payments, the finance charges should reduce as your payment reduces and mind does not. Does anyone know of any lawyer I can contact to file a suit in the Atlanta metro-area? Please advise (((ROR redacted)))
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Norcross
Jonesboro GA, Georgia
U.S.A.
This report was posted on Ripoff Report on 06/16/2008 08:01 AM and is a permanent record located here: https://www.ripoffreport.com/reports/gmac-auto-financing/bloomington-minnesota-55438-0902/gmac-auto-financing-auto-financing-rif-oo-bloomington-minnesota-340584. 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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#2 UPDATE Employee
Good Job
AUTHOR: Keepinitrealez - (U.S.A.)
SUBMITTED: Sunday, July 06, 2008
You are so right Nikki. Most people dont ask that many questions on how their interest will be calculated. Then they blame the dealer for pressuring them and making them sign too many papers to read them all. Hello!! We are not still in the 19th century you need to put yourself first. Not saying you can't trust anyone, but you are the only one that will put you above everyone else.
The type of contract you are speaking of is a flexible financing plan. In the contract it states how the interest will be applied. And if you don't understand it, ask.. and ask again. Dealers are hustlers, its more 'quick money' than most of us are accustomed to. But that doesn't mean we have to get hustled.
GMAC offers another type of contract called a standard retail contract. In this type contract the interest is already built in to each payment and you can get a history showing each month that the same amount goes to finance charges vs. principle each month. Sometimes consumers just want to see that principle going down faster than what it is and when it's not its always because 'the big guys pick on the little guys'.
Again: be a smart consumer. Sometimes you make things more difficult than they are. If you ask a few more questions, you'll get less surprises.
#1 Consumer Comment
Refigure it this way.
AUTHOR: Nikki - (U.S.A.)
SUBMITTED: Monday, June 16, 2008
The interest in simple interest loans is not figured based on the number of days this month has, but on the number of days since your last payment.
Example: Say you are at the interest amount of about $10 per day. Last month your payment posted on the 20th. There were 31 days in last month. This month your payment posts on the 20th. Your payment is charged for 31 days of interest (11 days for the rest of last month + 20 days for this month).
Say this month has 28 days and your payment next month posts again on the 20th. Your payment should be charged for 28 days of interest.
You are "charged" interest for the amount of days you have used the car since your last payment, not charged interest for the amount of days in this month.
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