Report: #16695

Complaint Review: GMAC - Carol Stream Illinois

  • Submitted:
  • Updated:
  • Reported By: Detroit MI
  • GMAC P O Box 51014 Carol Stream, Illinois U.S.A.

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GMAC loves to ruin a persons credit. Please be careful with them. I am presently leasing a vehicle from them, and I remember now why I never liked them. They tell you that you can phone in your payment and I have done this a number of times. Every time I would receive my statement I thought what I saw was because the statement was printed before my payment was posted.

Then I began to see what they were doing. They give you 10 days in which to make your payment without having to pay a late fee. However, when I called it in to whatever company they use for this process, this company does not post it until a day or two later. Then GMAC assumes you are late and adds late fees. When you confront them about it they then tell you you have to have your payment phoned in by 3:00 pm to be posted that day and by 5:00pm to be posted the next day. I even had one GMAC rep tell me that on the 10th day a late fee was added. I told her that was wrong because then they would only be giving 9 extra days. She maintained what she said.

If that is not bad enough, they want to say you are 30 days late. One is never 30 days late unless they DO NOT RECEIVE a payment by the next due date. Try and get GMAC to understand that issue!!

Detroit, Michigan

This report was posted on Ripoff Report on 03/13/2002 12:00 AM and is a permanent record located here: https://www.ripoffreport.com/reports/gmac/carol-stream-illinois-60125/gmac-loves-to-ruin-your-credit-carol-stream-illinois-16695. 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 Consumer Suggestion

finance companies don't sit around and plan to ruin consumer's credit

AUTHOR: Darrell - (U.S.A.)

POSTED: Saturday, October 18, 2003
It is a consumer's responsibility to educate themselves. Big companies are absolutely not going to go into detail regarding their late fee policy, it's up to you to take responsibility for yourself and get the information you need to protect yourself. Calling a company a rippoff is just childish, finance companies don't sit around and plan to ruin consumer's credit and why are you paying your bill at the last second. If you can't afford the payment you should never have purchased the car.
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#1 Consumer Comment


AUTHOR: Wil - (U.S.A.)

POSTED: Saturday, January 25, 2003
I am a first time homebuyer. My mortgage was sold to GMAC (HOmecoming financial).I made my first payment before the 15th day my mortgage was dued before the 28th or it will access a late fee I sent my payment via overnight today,Is there any way of of getting refinance although this would be my second payment, one to the first mortgage, and the second one to GMAC. I have not had any problems because this is my first payment what should I do to keep this from happening to me. I had planned on paying bi-weekly or adding more money to my payments, so I can pay more on the principle. And what I am seeing is this appears to be a no no. I purchased an american dream and I don't want any of this to be a part of the dream or any company such as this to rip me off

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