GMAC Auto Financing ruthless egregiously unfair to everyone Nationwide

I think everyone is forgetting that we are all humans living "life". In life, unexpected things comes up. I hate it when a good person who's trying to do good and pay their bills and put food on the table, get into an unexpected financial event, these companies just turn their nose and say "we don't care". Yet, when they make an error on their side, all they have to say is, "it's a computer error" and shows no remorse even though the mistake was their's.

Those of us of just push people down when they're already in a deeper hole, will one day experience the same, if not worse, situation.

No, ...no offense taken; I apologize if it sounded like that. I think your advice and mine is the best possible solution. I am at peace having a 12 year old car, with no payments. This is the key. You are so correct in the way you have described it.

I keep getting offers to refinance the home, but it is going steadily down, and that is the way it is going to stay.

There is a recession after every war, such as the one we're in now...so the economy will be as bad as it can get; and we all need to prepare for it, by being as debt free as possible. This generation grew up in prosperity...but we have no manufacturing base now.....things could get quite desperate five or ten years from now.
Good luck, friend

No, ...no offense taken; I apologize if it sounded like that. I think your advice and mine is the best possible solution. I am at peace having a 12 year old car, with no payments. This is the key. You are so correct in the way you have described it.

I keep getting offers to refinance the home, but it is going steadily down, and that is the way it is going to stay.

There is a recession after every war, such as the one we're in now...so the economy will be as bad as it can get; and we all need to prepare for it, by being as debt free as possible. This generation grew up in prosperity...but we have no manufacturing base now.....things could get quite desperate five or ten years from now.
Good luck, friend

No, ...no offense taken; I apologize if it sounded like that. I think your advice and mine is the best possible solution. I am at peace having a 12 year old car, with no payments. This is the key. You are so correct in the way you have described it.

I keep getting offers to refinance the home, but it is going steadily down, and that is the way it is going to stay.

There is a recession after every war, such as the one we're in now...so the economy will be as bad as it can get; and we all need to prepare for it, by being as debt free as possible. This generation grew up in prosperity...but we have no manufacturing base now.....things could get quite desperate five or ten years from now.
Good luck, friend

No, ...no offense taken; I apologize if it sounded like that. I think your advice and mine is the best possible solution. I am at peace having a 12 year old car, with no payments. This is the key. You are so correct in the way you have described it.

I keep getting offers to refinance the home, but it is going steadily down, and that is the way it is going to stay.

There is a recession after every war, such as the one we're in now...so the economy will be as bad as it can get; and we all need to prepare for it, by being as debt free as possible. This generation grew up in prosperity...but we have no manufacturing base now.....things could get quite desperate five or ten years from now.
Good luck, friend

Frank -

I apologize if you took offense at what I posted. I certainly did not mean to imply that you are in any way a "dead beat" for not meeting your obligations with GMAC. I maintain it is up to the borrower to read the fine print and make the payments as agreed but I also will certainly agree that things do happen and at times it is not possible to make the payments as agreed. I've seen it happen to friends of mine - loss of a job, health issues, etc. This is why I pay cash for cars - if my financial situation changes I don't have to worry about my car payment. Sounds to me as if you have learned a very expensive and painful lesson from all of this and I respect your wise decision to never get in debt over a car again.

Good luck to you!!

That's the ticket, indeed. There is nothing wrong with a great used car. I bought a 12 year old Eldorado, which I love. The best car I have ever owned...I don't feel a bit outclassed by anyone, and neither should you. Just as the gentleman above said, "I don't know why anyone would buy a new car". Fah get aboutit. You can't tell a Lexus from a Hyundai...we have become THAT non descript...bland..boring. I also have a 1951 Ford that is 56 years old and still running strong...think about that. Do you really think that car with the power windows, seats, steering, electronic lock mechanism, GPS mapping system, etc, will still be operative 56 years from now?...God help you find the parts, and some graduate from MIT to repair it for you , at $300 and hour!...see?...even a classic car is a better investment...ast least the value goes up!

For the record, people keep reminding me here on this page that "Frank faailed to meet his obligation, therefore he is automatically the stupid ne'er do well here" (words to that effect) A) I don't finance cars, I pay cash for them. This happened to someone close to me. They had to take a job at half the pay; so it was harder to make ends meet. This person had 80% of the payment on time, but remember?.,...GMAC doesn't accept that...Sooooo....even though this person talked to them on the phone, and explained, "...well if you can't accept the partial payment, I will make two payments on the next due date."
Okay? arrangement made. Well, GMAC puts you on automatic redial-since you are "delinquent"...and therefore "cheating GMAC"...they have a right to ring your phone four or five times a day...EVERY DAY. Why?
An arrangement has already been made. So why the five calls a day, day and night?...To shame, to harrass. to intimidate, to bully, to show who is your Lord and Master...and "There ain't nothing you can do about it, deadbeat"....Deadbeat?...The person made arrangements and it is on record...two payments coming on the next due date.
Well, it happens to be against the law in North Carolina to ring someone's phone for a debt five times a day....This statute, section and paragraph was read out loud to the GMAC agent....
the very next due date, the car was stolen by GMAC a few minutes after midnight, so the two payments that were to be made, could NOT be made.

In this way, GMAC showed what bullies they are, and how arrogant and abusive they are. No court with a jury of peers would ever have given GMAC the car....indeed, they would have been fined for breaking North Carolina laws against bullying, harrasing debt collectors, who love to show how sadistic they can be and how much power they have over you...the stupid borrower.. the peasant, the deadbeat...you see? They think you owe them more than money...you owe them major suck up time, and obsequious genuflecting...perhaps some sobbing and begging would appease them, huh? Wringin your hands in anguish at now losing your job for no transportation...while the GMAC agent, smirks.

Don't do busines with GMAC.

Don't ever buy a new car, ever again.

Another Proverb?...The borrower becomes the lender's slave. And in this case....GMAC take great pleasure in lording it over you, and rubbing your face in shame. Why do business with such louts...such medieaval churls? You deserve a life of peace and joy. Get rid of them...and never do business with them again.

Well I do have to agree with Frank on a few points. 1. Cars do lose a large amount of their value the minute they're driven off the lot. 2. Finance companies make a mint off of you although they make more if you pay off the car versus have it repo'd.

Other than that I'd have to say that Frank just needs to honor the agreement he signed and pay for the car on time. It is up to the customer to read the fine print and make the payments as agreed. I would imagine Frank already knows this and has learned his lesson.

As for Eddie, that just plain sucks and it sounds as if GMAC fouled up pretty royally and they owe you one heck of an apology. But, I will say they are right in telling you it takes a few days for them to get your car information after a repo. Other than that, I certainly feel for you and best of luck getting the car back.

Frankly, being a former car salesman and having worked in finance for a car dealer I don't understand why anyone buys a brand new car or finances one. For years now I have bought only used cars and only ones I can pay straight cash for. A car is meant to get you from one place to another, it does not need to be a status symbol. Too many people get caught up in how it looks, what gadgets it has and how fancy it is. Look at a vehicle for what it is meant to be - transportation. I don't need to impress anyone by what I drive, I need to live within my means and not give up my hard earned cash to the finance companies. Besides, I can use that car payment to pay the outrageous insurance fees I pay for having teenaged drivers, lol.

Thank you very much Eddie!
A dealer confided in me that there is a 20 to 25% default rate on car loans. I had a career in advertising, so I am acutely aware of how adertising is supposed to make us covet and lust for a worldly thing, and go buy it. We have all seen the
barrage of slick car ads. We all want one...that's the whole idea. The problem is the car is not worth what it is sold for, otherwise it wouldn't be sold ( to Auto Advantage?) for half its worth in only one year. The lender makes a huge profit also. So why the default rate? Pure greeed for huge sums of cash from interest and late charges, and the legal right to take your vehicle and resell it and charge both the new buyer and the default buyer, and collect from both. Nice deal, huh? And who gave them this power to ravage consumers? Whatever your poitical affiliation, it should be noted that they are all lawyers in Washington. Someone famous and well respected said, in reference to the Pharisees, that "They burden laws upon you that they themselves are exempt from bearing"

I have a constructive suggestion...a)stop electing lawyers and the power elite to high office...and b) create a savings account, and in only two years you can buy a late model (5 to 7 years old), very nice vehicle that has already lost 75% of its value. In other words, let the factories close, and the GMAC offices lay off employees; and let them default for a few years.
It is our only recourse of shelter from a world that is getting astronomically more expensive by the year...and faster, and more aggressive, more arrogant, more abusive - by people who are given a little authority ( a lending agency )...who get a small sadistic pleasure in roughing people up that they arbitrarily define as less than themselves....over as little a mistake as a computer typo....and still GMAC does not apologize for this egregious error....you see? They are above the law, and above reproach..this is the very definition of an arrogant, exploitive and abusive "power elite"...or so they think. They will pay dearly for all their sins. They are "the godless men and women of the court", as the Good Book describes them. Avoid them like they have syphillis, and open sores. When you see the car ads....see them as bimbos selling their bodies for money; bimbos with open sores. They are not honorable people.

I wasn't late on my payments, yet they still took my car (Thursday)! Why? A computer error! The car hounds said it themselves, "it says here it's a white Saturn, yet yours is silver, but we still have to take it, we're just doing our job!" The next day, I called GMAC to get the car back and they said it is their policy NOT to have information for 2 days (Monday)! Monday I call, and they admit it was a computer error, but still can't get me my car back because I am now late on the next payment (because THEY took the wrong car!) All this time I've talked to them on the phone, they always talked down to me like it was my fault for not making payments, but I've got proof that I paid them! Even when it was their fault they still tried to make it look like it was my fault!

So all you rebuttlers, quit acting like GMAC doesn't make mistakes, like they won't come after you for nothing, because I've learned the hard way, 1 VIN number digit out of place and POOF! your car is gone.

I strongly advise everyone to pay attention to the news that General Motors and GMAC are going down like the Titanic...just step back from them and let them sink. Let their abusive methods and slimey avarice and arrogance be a lesson in how not to live your life.

As a buyer of a GMAC financed vehicle, I have never felt that GMAC was at fault for anything but trying to collect their debt. Although sometimes it would be nice for companies to be more compassionate, its almost always the complete opposite. Unfortunately large corportations like this are out for one thing and one thing only: your money. But can you really blame them? After all we are the ones who have signed the contracts agreeing to pay the agreed amount each month. People have rough times, and I am no different. I have almost lost my car 3 times due to non-payment. Yes I received tons of calls and letters but I never considered them to be harrassment because I was the one at fault. Times like these can put a strain on anyone's lives but we have to own up to our responsibilites whether we like it or not.

Hey Wally, Doug may have come down hard on the guy but he is right on the money. This guy has missed over 10% of his payments!!! He has no grounds for complaining about them wanting paid.

Cars lose value the minute you buy them and drive off the lot. We all know that. It is not GMAC's fault he picked an over priced car and wanted to finance it thru them. What if he used a bank instead, I am sure they wouldn't mind him missing 12.5% of the payments over 2 years.

If this was a buy her pay here loan shark type operation I would side with Frank but it sounds like a new car dealer, which is why it depreciated so much.

A loan is a commitment to repay on time as per the signed contract, and to complain when you break the deal is not fair to the lender.

Now how the lender handles it is different and if what Frank says is true than GMAC has to prove that they are above the predatory lenders. And it sounds like they have a lot of work to do.

If anybody is the victim here it is GMAC. They are being slandered ...... by this person ..... for his own lack of accountability.

I felt the slime dripping off you Doug. You are either in finance, car sales or simply feel you are way above everybody else or all of the above. I get the feeling that Frank will be taking full responsibility for his actions for a long time. Compassion, my friend, costs nothing. I suggest you get down off your high horse and understand that the Franks of this world are the salt of the earth and accept (albeit blindly) that the likes of you and your industry are going to treat them fairly. He missed 3 payments - wow did the walls of GMAC come tumbling down - he could miss 20 payments and GMAC would still come through ok with their late fees etc etc. I am so glad we have much heftier legislation in Australia to protect we, the consumers, against such strong arm tactics. Problems occur and how stupid is it for GMAC not to accept partial payments, just shows what their intent is, doesn't it.
I hope your ivory tower doesn't come crashing down Doug because your industries will devour you the same way they did Frank. Frank just keep smiling, they can't get blood out of a stone. Hold your head high. You are only guilty of trusting the bottom feeders of your country, they will scam you every opportunity they get from what I have read on this site.

Let see....

1) You signed the contract without reading it and GMAC is wrong because YOU signed the arbitration clause? Hummmmm......

2) YOU were late paying GMAC on a contract YOU signed and are mad because they won't accept partial payments? Did the contract state that they had to accept partial payments? Hummmmmm....

3) YOU missed three payments in two years and GMAC was wrong to repo THEIR property because YOU did not pay after you agreed to? Hummmmmmm....

4) YOU bought a vehicle that lost 25% of it's value the first day and it's GMAC's fault I'm sure because THEY forced you to buy it, right?
Hummmmmmm.....

Maybe it is time YOU wake up Frank, and take responsibility for your own actions!!!!!!!