This is for anyone considering an auto loan through Nuvell. My experience with Nuvell has been bad. Nuvell is a wholly owned subsidiary of GMAC. That’s right the company that owns the car you are trying to purchase owns the finance company that the dealer has set you up with. And isn’t that convenient for GMAC? The red flag should go up here, but the dealer tells you that your credit is just so bad that the best interest rate they could get for you is through Nuvell. News flash! The GMAC dealer gets financial advantages when they can bully someone into using a GMAC finance company. Don’t fall for it. Find credit someplace else.
I have approximately one year left on my car loan payments with Nuvell. I am a current Nuvell borrower for a Saturn ION. My payments are $300 a month! In the past several years I have learned that they will stop at nothing to contact you if you are even 3 days late making a payment. They will call your work phone number, your friends and family that you listed as “emergency contacts” on your loan application and they will call you at home. They will call any of these places as many as 15 times a day. This is no exaggeration. They will even call as “unknown name unknown number” from time to time just incase you are screening their phone calls I suppose. They will go even further than this… keep reading.
A few years ago, in the middle of my divorce I was laid off from my job. How unlucky is that? Naturally having children who need to eat I fell behind on a few of my monthly payments with my creditors. Nuvell began harassing me. I stopped answering my telephone when I saw their name or “unknown name unknown number” pop-up on the caller ID to avoid their bullying. But all the harassing phone calls were nothing compared to what they did next. I was living in a second story apartment at the time. Below me lived an elderly couple. The man had served in World War II to give you an idea of the age range. Nuvell looked up my neighbor’s name and phone number in the phonebook. They called and had that elderly man walk up the stairs to the second floor apartments to tell me to call Nuvell. I guess they got my attention with that one, because I did talk to them and boy did they get an earful. How tacky!
I am a 36 year old professional. Throughout the years I have had an ebb and flow in the area of finances. I have been divorced and remarried. I have been laid off from jobs and I have experienced poor credit ratings as a result of bad things and bad timing. Life happens. Things are sometimes bad and sometime great for us all. But no matter how life is treating you today you should never have to use a company like Nuvell no matter what the dealership tells you about your credit score. There are other finance options and I encourage you to take the time to shop around and save yourself the grief you will experience using a harassing, law ignoring, interest rate gouging company like Nuvell. Using GMAC’s Nuvell is like going directly to the bill collector to get the loan. They give you no grace period and have no patience. They will destroy your credit and at the same time gouge you for higher interest rates than you deserve to pay. Don’t fall for it. Go to a different dealer if they refuse to run your credit with another, non-GMAC company. You have rights, do not make the same mistake I made.