AmeriCreditUnfair business practices!

T
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In 2001 I purchased a used car through Courtesy Pontiac in Las Vegas and signed a financing agreement with the dealership. The terms were 60 months and a $30. late fee for late payments. I lost my job just after 9-11 and then got sick. I struggled to make the payments and several were late.

I made the last payment and paid all the late fees only to find out that I still owed $2,500. According to Americredit I did not sign a defined payment loan as I was lead to believe but a simple interest loan with no defined terms or conditions.

The terms and conditions printed on the front of the contract were put there to satisfy the FTC requirements of disclosure but did not reflect the actual terms of the loan. When you turn over the contract there is a single paragraph that informs you that your are actually signing a simple interest loan and that the terms and conditions may differ from what is disclosed on the front of the loan.

Never having financed a car at a dealership before, I always went to a bank, I never expected to be taken for a ride like I am on now. I keep paying towards the $2,500 but the interest is still being added daily. This is addition to the 60 payments and late fees already paid.

Americredit tells me that it is not their problem. They bought the contract from the dealership and if they didn't explain the terms properly then it is my fault for not asking. I expect that thousands of Americans are being gouged with this practice.

Make sure that you ask before you sign "Is this a simple interest loan?" If it is shop elsewhere! If you are late once you will be charged thousands of dollars even though you paid all of the payments and late fee. Check with your credit union or local bank. Stick to small banks that offer defined payment loans. Never sign a simple interest loan unless you are absolutely sure you will never and I mean never make a payment late.

Write you congressman, Senator and the Federal Trade Commission demanding that this bait and switch practice be stopped. By the way Americredit refuses to reduce the balance and continues to threaten they will charge off the account even though payments are being made to reduce the alleged principal.

Responses

  • Fr
    FRANCES B. Jul 12, 2007
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    I agree totally. This same incident has happen to me and americredit sent the loan as default to the credit bureau and this was after they had made arrangements for the final payments. I always thought i was paying the late fees, but was told i was not. I paid over the amount to compensate the late fee. But they said no and refused to review the account for the late fees and charged me anyway. I hope they get what is coming to them.

    First the interest was excessive, and their practices were different from what was expected. I am still writing them.

    0 Votes
  • Ma
    Marc Thomas Oct 12, 2007
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    Yes, there are many companies like Americredit out there, and they operate is shady states that have extremely lax laws on behalf of the consumer. About the only solution is to try and get refinanced, but that would probably not resolve everything as Americredit would probably only transfer the principal and not the interest. They really need not be in business and I honestly don't care whether it puts 1,000 or 10,000 people out of work, because most of their representatives have bad attitudes and act as if you are creating a problem for them. I have spoken to a few nice representatives, but I would guess they don't last long as Americredit seems to condone way less then professionalism when dealing with customers. I was actually told by what was supposedly a supervisor "we are not here for customer service, we are here for collections". Okay, so I am a few weeks behind, but I am never beyond 30 days, and so what if I were, you still get the money; Americredit has representatives who will actually laugh at you, or worse, start raising their voices and even go as far as to get into shouting matches with you. These people are beneath a collection agency, because they go the extra mile to be nasty about everything, even after you have probably paid the principal and interest, but owe nothing more than some interest they created. I know many people would say "buyer beware", and all I can say is that when you deal with anyone financial institution, think about who they are first. I have dealt with Ford and Toyota and their people are also extremely bad, at least their were at the time, but at least the loan terms were much more favorable.

    0 Votes
  • St
    stanley coffee Nov 12, 2007
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    The exact same thing happened to me 60th payment, and they took my car AmeriCredit saying I owed 2,321. Im sorry this happen to you but Im glad I found you story because it confirms exactly what happened to me can we start class action law suit. It feels bad to make all 60 payments and have no car!

    0 Votes
  • Be
    Beth Jenkins Nov 26, 2007
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    Wow! The same thing has happened to me with Americredit. My loan "expired" in July (according to Americredit). I made my last payment in August. A couple of weeks ago, I traded in the car just to get rid of $2600.00 I still owed Americredit. The "expired" car loan that I had just paid for the past 72 months was about to be charged off and my car was scheduled to be repossessed (never mind what this has done to our credit). Americredit is a rip off. I think the car dealership is as much to blame as the finance company. A less than honest dealership will work with less than honest finance companies. The dealership from where I purchased the new car told me that the Amercredit thing is a scam. They also told me that my new loan is a straight out loan, not the "balloon loan" that was sold to us a few years back with Americredit. When you buy your car, don't be afraid to ask questions. If you're afraid to ask questions, trust your gut instinct. You won't get in trouble if you don't sign the shady papers the dealerships and the finance companies like Americredit want you to sign.

    0 Votes
  • Ru
    russell green Dec 11, 2007
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    Hi these guys just ripped me off also get the class action going I am in all the way. My loan is just as you guys said yours were they picked up my car 60 payments an no car.

    0 Votes
  • Ev
    Evelyne Dec 12, 2007
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    Hi Guys,

    I am totally ready for a class action. We only need about 5-6 people to start it. My case is maybe not as bad as you because my car did not get repossessed. I have been making all the payments on this car every month. When the last statement came, it said I had to make a payment of more than $400 when my monthly payment was $218. SO when I called them about it, they told me that the loan had matured, so the full amount was due. I told the representative that I could not make such a large payment, so she asked me if I could make at least that month's payment, and pay the reminder the following month, so I made a payment over the phone (meaning I had to pay the stupid $7 fee for paying aver the phone) . On 12/03/07, I made the last payment, thinking I am finally done with this car. On Monday 12/10, I receive an email alerting me that there was a change on my credit report. When I went to look at it, Americredit had reported on Saturday 12/8 that my account was 30 days past due!!!!!
    So I called them on 12/11, and they told me that because I did not make the full payment at maturity date, they reported my account as being past due. SO even though I made arrangements with them to make 2 payments, they take my money AND go ahead and report it to the credit bureau. I'm am pissed off right now, and can't believe they would do that.

    PLEASE, let's start a class action suit.

    0 Votes
  • Ma
    Martha Bolinger Jan 11, 2008
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    Please, please, please, start a class action lawsuit against them or at least get them to immediately change their business practices. I will be the first to admit that I am not always the most prompt payer, but I have always paid off my car loans within a reasonable amount of time. If I had a way to refinance this loan through another respectable source I would. About 16 months ago, my previous car (financed through Ford) was totaled and I desperately needed to get another car immediately. The car I picked out fit my needs and because I already had another car loan through FMC, I was put in a bind and had to deal with this company. My other vehicle was paid off and FMC sent the lien release out within a week. The thought that I will have made all my car payments and paid enormous interest fees and could still have my vehicle repossessed after 5 plus years is terrifying. The worst part is that they list an American payment address and Texas address and have the gall to field ll their calls thorugh CANADA. I've always wondered if this breaks any US or state laws. I live in Maine and would appreciate and pointing in the right direction. Many thanks.

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  • Ke
    Kevin Huffer Feb 13, 2008
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    Americredit is BY FAR the ABSOULUTE WORST company to business with. They are EXTEMELY rude when you talk to them. They call you seven and eight times a day if you are even a few days late on your payments. I agree with everyone who posted complaints about them. They don't care about ANYONE and it shows big time. I would LOVE for there to be a class action lawsuit filed against them and for them to go out of business forever. It's only fair and right for all the HELL they put people through. The interest that they charge is outrageous. They try to use illegal scare tactics to get you to pay them. They repossessed my car because I didn't realize that I was behind on my payments. I fought like HELL to get it back. They told me that it was going to be sold at auction if I didn't come up with the money to pay them. It seems like they are the MAFIA of the business world. The ends justifies the means in their eyes. I found out later that they have to give me at least 30 days from the day they reposess my car to allow me to get it back. YET in the letter they sent me it said that my car was going to be sold at auction in TWO WEEKS from the date I received the letter. THAT IS HIGHLY UNETHICAL AND ILLEGAL. Americredit should be shut down. I hope they burn in hell and every employee is tortured the exact way they torture the victims of their "loans".

    0 Votes
  • Ki
    Kimberly Faire Feb 19, 2008
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    I just made my last payment with americredit and received a letter today that I owe 2,912.00. I called and they explained simple interst loan mumble jumble . They also advised that I owed by March 14,2008 or more interest will incure . I thought I was the only one. Has anyone started a class acion lawsuit ? I was going to small claims court .that is an additional 6 payments on a loan and with the interest this wll never be paid off . Please e-mail me if anyone has started a class action law suit or any kind of legal action.

    0 Votes
  • Ni
    Nick Lewis Feb 19, 2008
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    This company is the absolute worst buch of dirtbags known to mankind. I had two loans with these criminals and paid out over 60.000 in combined payments. The balance never went down never, if you are late they are relentless. They are rude and criminal in their actions. They will say anything to anybody I went to several lawyers and they agreed with me yet would not take them on. I finally filed BK to get rid of the ###, and they got their cars back , me I was burned. This was about 3.5 years ago. I recieved a check today from a class action from another dirtbag company, not much just a small check. I thought wonder if anybody is after Americredit yet and here you are. I really hope someone goes after these bottom feeders as I know they are still making people miserable. STOP THESE CROOKS NOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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  • Pe
    Penny Mar 07, 2008
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    How about I owe only one more payment to Americredit but my balance is still $7300.00 How in the world is this possible? Please if there is a lawyer willing, please file a class action suit!!!

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  • Ke
    Kevin Mar 10, 2008
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    Yeah, this compay is a piece of crap. I have paid them so much money at one time I fell behind a couple of months and was paying them $200.00 a week and it seemed like my bill never went down and that bogus deferrment crap, pay the $211.00 and then you still have to make a payment in a couple of weeks. I just made my 59 payment and saw that they added an extra $500.00 after the 60th payment is done. What B.S. Let me know if you can get a class action suit against these guys. They are the dreggs of the earh. I must have gotten 2,000 calls from them over the course of the loan.

    0 Votes
  • Me
    melissa Mar 11, 2008
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    Our car just got repo-ed yesterday morning while we slept from Amercredit. The loan had matured in Feb, and we had till today to pay the balance of about $1200.00. I have been calling since yesterday to talk to someone about this, and can't get through to anyone, as the deptartment they refer me to is always busy. I don't even know where my car is, where my stuff is, and we have had no official notice that the car was going to be repossessed. I understand we were behind, but I was 2 payments from having it be all over with, after over 6 years of paying them for that car. If anyone has any advice, would love to hear it.

    0 Votes
  • Ti
    TIM KURTZ Mar 13, 2008
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    HOW ABOUT THIS ONE, WE PUCHASED A CAR IN 1999, I PAID ON THIS CAR FOR 67 MONTHS. I USUALLY PAID ON LINE BUT WHEN IT CAME TIME TO MAKE THE LAST PAYMENT, I HAD TO CALL THEM. MY FINAL PAYMENT WAS SLIGHTLY HIGHER THAN THE NORMAL PAYMENT. I MADE THE FINAL PAYMENT IN APRIL ,06. ABOUT A MONTH LATER I RECEIVED A LETTER FROM THEM STATING THAT I HAVE COMPLETED MY INSTALLMENT AGREEMENT AND IF I EVER THEY COULD EVER HELP IN THE FUTURE DONT HESITSTE TO CONTACT THEM. WELL IN THE MEANTIME THE CAR HAS QUIT RUNNING AND ALTHOUGH THE ENGINE IS SHOT THE BODY IS DECENT. I BOUGHT ANOTHER CAR AND DECIDED TO SELL THE CAR, THEN I REALIZED THAT THEY HAD NEVER SENT ME THE TITLE TO MY CAR. I CONTACTED THEM AND TO MY SURPRISE THEY SAID THAT I OWED THEM $995.00 YET ON THE CAR. I ARGUED WITH THEM OVER THIS AND EVEN OFFERED TO PAY SOME KIND OF SETTLEMENT, BUT THEN THEY SAID I OWED THEM 1100.00. I ASKED TO TALK TO A SUPERVISOR, THEY WOULDN'T DO THAT. THEN I TOLD THEM TO COME AND GET THE CAR, BUT THEY SAID I OWNED IT AND THAT IT WAS MY PROBLEM, THEN I TOLD THEM TO SEND ME THE TITLE IF I OWNED IT. ANY WAY INCLUDE ME ON THE CLASS ACTION SUIT IF IT GETS STARTED. THANKS FOR LETTING ME VENT. I ALSO ASKED THEM IF I OWE THIS MONEY THEN WHY DIDNT YOU CONTACT ME FOR TWO YEARS.

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  • Ma
    margarita vargas Mar 27, 2008
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    It seems that I too have been somewhat "scammed" into AmeriCredit's hell hole! I have been laid off work since December 2007 -- Since then I have spoken with 2 reps regarding my situation. Their answer is that they cannot lower my monthly payments and that before I even fathom turning in my car to them, that I should try refinancing (No one will refinance as I am unemployed), visiting car dealers and possbily getting a deal with them(Tried this route, and it seems that you get into a bigger hell hole; because if my car is worth 10, 000 I still have to pay remaining balance of 4, 500 along with amount of new car purchased; therefore making my monthly payments really impossible to pay. This is simply unheard of in the unemployment realm.) I will never use this bank ever again. Lesson learned.

    Margarita

    0 Votes
  • Lo
    Lori Apr 07, 2008
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    I've recently encountered the crookedness of Americredit.

    I purchased a vehicle in NY in 2003( Financed thru LBAC who sold their accounts to Americredit ) made my 60 payments plus a few extra because they were too lazy to check and post payments on time.

    After tracking my payments to ensure they were fully paid they turned off my account because the account was paid in full and then some. Yes, they sent me the original contract with a paid in full stamp Feb 08 along with my title for the vehicle.

    I was told they owed me money, however a month later they sent me a bill for over 541 dollars.

    The first lady I spoke to claimed it was an error on their behalf, only to get another call claiming they had posted someone else's checks to my account; she claimed they had taken some credits away from my account because they thought the checks were posted incorrectly - These payments were taken directly from my check. I made several calls to rectify and prove my payments and left a number for them to call but I never heard from them.

    today I received another call from AmeriCredit who still claims I owe the $541. This time the justification is: the charge is overall finance charges for the whole loan ( 15 Cents a day). OMG I've paid $300 a month for 60 months which was the initial contract terms which included finance charges. I even have the papers (contract) to prove it.

    I told her I was going to speak to my lawyer and call the BBB and she hung up.

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  • Se
    Senta Apr 10, 2008
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    I just got my car repo-ed a week ago due to a payment that was missed in Sept. I have only had the loan for a year and a half. I had to have a surgery and they told me that I needed to pay $210 to defer the payment and I asked for this information in writing and I have yet to get it. Once my car had been repo-ed they called ma and asked me did I want the car back and I told them no and I would see them in court. If there is a class action lawsuit please call me I have all of my records ready.

    0 Votes
  • Na
    Nathan Apr 24, 2008
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    Americredit is a hard company to work with. I had to move for job relocation in mid March of 2008, and I fell behind on one payment. I had asked for deferments for March 08 payment, back in Feb 08, because i knew it would be hard to make my car payment with all the expenses of moving cross country. Americredit would not work with me and told me that the company decides who gets defferments and that i did not qualify. I finally am caught up with my payments 2 months later. While trying to get caught up, i got like 7 calls a day from Americredit. It truly is rediculious that they treat there customers like this. I am about to say screw my car, ill live without one for now, if they keep up there bad practices.

    0 Votes
  • Lo
    Louisiana May 08, 2008
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    You are right car dealerships are in with some of them. I would like to join the suit also. What they did to me is crazy. My soon-to-be husband only needed a co-signer and when I came down from Louisiana I only needed to sign the paper. What this lady did was put me as the owner. She knew my job paid less than $200 every two weeks. How can I buy a car? When they repo my car the man called the company and they said she was fired, but they did not want to talk to me. If anyone takes the case let me know.

    0 Votes
  • Valerie May 21, 2008

    Our Long Beach car loan was sold to Americredit, and unlike some unfortunate others, we did receive the letter notifying us of the change. However, we found that Americredit CHARGES us $5 every time we pay our bill online! I pay ALL of my bills online, and have for years, and I have never been charged to pay any bill online! I am outraged that I have to PAY extra to pay them money! I complained and argued with a customer service rep over the phone and he would not budge on forgiving the $5 charge. I told him how ridiculous that charge is, and said that I would re-finance just to get away from that company, and he told me that I could either mail my payment in or set up automatic payments to avoid the fee, and I laughed. Stupid. I am a customer, and I feel that being charged an extra $5 on top of the interest they are receiving off my loan is not only unreasonable, but should be illegal. Unfortunately, it was not in our best interest to refinance (oh yeah, I tried), so I have written emails to Americredit complaining about this charge, but I have yet to receive any response. Hmmmm. So, if you have a choice, go with another company. We have had Wells Fargo for several other loans and they were wonderful, and there was NEVER a charge to pay a bill, online or otherwise.

    0 Votes
  • Jo
    jo momma Jul 17, 2008
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    Exactly why you should pay on time... why finance a car you can't afford... that's just dumb. Even one payment... god pay your bills people.

    0 Votes
  • Su
    Surounded by morons Aug 05, 2008
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    you are all idiots. do you really believe someone is going to loan you money and not profit from it. how naive!

    0 Votes
  • Sh
    Shawna Aug 05, 2008
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    This company is a rip off. I also had late payments. When I would make the payment current I believed that this included the late fees. I was not informed that each day the car payment was late it accrued interest. I paid this company for over 5 years. Once my loan was mature I had a balance of $4, 000 on that I owed. I was informed that I had 120 days to pay this balance and if I did not they could repo the car. I have paid this company almost $38, 000 for an $18, 000 car! They prey on customers who are unable to get the low interest rate loans. Once you have a loan with them, it is almost like making a deal with the devil. I finally was forced to sell my car to pay off the remainder of the balance. I am unable to finance another car in my name because of they have not reported that the car is paid in full. They have no problem reporting when you are late. This company has ruined my credit and I will never ever use them in the future. Stay away from americredit!

    0 Votes
  • Jo
    John Gomes Aug 16, 2008
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    I had a charged off account changed to them. They literally lied on my credit report. This was charged off many years ago. They put on there that it was from the current year and that there was a law suit.

    I called the court, and they had never heard of it. Blatantly, this company falsified a document. I plan to sue.

    0 Votes
  • Su
    sue sheffield Aug 20, 2008
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    The only time a dealer will send your loan thru Amercredit is if you have problems with you credit . We had filed bankruptcy and boy did they ever stick the interest rate to us. It seems that they really like to keep kicking you because you don't have perfect credit. Our interest rate was 19.9 for 72 months it was a new vechicle and since we already had a car thru a bank, they were the only ones that would take it. I finally found a bank that re-financed for me and it is on simple interest with no hidden things, I am not really happy with them as Had been paying on for l1/2 yrs and as for extension during Christmas time and they said they didn't do that, if you can't pay will thats too bad. So I really think its sad that if you don't already have your own financing don't go thru the dealer as they seem to forget to tell you thinks that you really know and it would take a week to read the entire contract... I do not like americredit at all would never use again. I was never late but seems like my payoff was a little high...

    0 Votes
  • Ka
    Karen Aug 25, 2008
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    You won’t believe this. I paid my loan with Americredit off. They mailed me my title. About 10 years ago I sold the car and now after all this time they say I still owe money and they have a bill collector chasing me for it. This is ridiculous. How can this company still be in business?

    0 Votes
  • Ac
    acl Sep 24, 2008
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    I just got scammed by Americredit. I contacted the FTC and Better Business Bureau. My loan is paid off, but now paying back late fees and interest for a car that 8 years old. If you are starting the class action suit, I like in on that. How do blood sucking companies like this stay in business?

    0 Votes
  • So
    Sonia Sep 29, 2008
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    It's not just AmeriCredit having this unfair practice. I just had my car repossessed by Toyota for the same situation. I finished payin gor my car in July including the extensions that I got due to some financial problems I had after getting sick. Last 2 months after realizing what my pay-off amount was so high, I was told that I have a simple interest loan and one person told me that its the interest on the extensions another said its the extensions plus the late payment interest. I started to pay on the $4300 amount they told me, and in the meantime asking for a detail breakdown of how Toyota got that amount in interest. Each time I was sent a detail of how I made my payment, no interest information. When I made my payment last week, I was told there was a procurement out to repossess my car. I ask them why, because I am making the payment on the interest even though, I have not recaived the info I requested. I was told I was 66 days past due and that was before the payment. Now this morning I woke up to a banging on my door at 4:30am from the repossession company who at that time took my car. If any one have any info as to what I can do please let me know.

    0 Votes
  • Ja
    Jason Oct 07, 2008
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    WHAT CAN I DO? I have a car financed through Americredit and after reading all these horror stories I'm not sure what to do. I'm current on my bill, I've made 38 of 60 payments. I've been late a few times but always catch back up. How can I avoid this or is it inevitable?

    0 Votes
  • Et
    ET Oct 27, 2008
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    I'm in lets start a Class Action today.

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  • Da
    darcy marie Nov 17, 2008
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    please let me know if a class action law suit. My story is simalar to the rest. I have made payments. Americredit said they never recieved. I would be charged the late fees.

    Thank you in advance.

    Darcy

    0 Votes
  • Mi
    Mike T. Dec 22, 2008

    In early November I paid off my father-in-laws auto loan ( he passed away ), in an effort to get his vehicle retitled to his daughter (my wife). All documents requested, i.e. death certificate, etc. were sent to AmeriCredit and nothing ( lien release) has not been sent. Even after repeated phone calls and being almost 2 months, we are still waiting for the lien release. My next step will be my attorney.

    Has anyone had similar problems ?

    1 Votes
  • Em
    Emerson Jan 01, 2009

    WELL, IN AUGUST 2006 I PURCHASED A FORD, THROUGH CHAPMAN FORD, IN PHILADELPHIA PA. THEY PUT ME IN CONTACT WITH AMERICREDIT FINANCIAL. THE DEAL WAS 6 YEARS, $440 A MONTH, PLUS I KEPT MY TRADE-IN. I WENT FOR IT. (FAST FORWARD) THEY'VE BEEN REALLY LEANIANT W/ ME AND MONTHLY PAYMENTS, I CALL THEM WHEN IM LATE AND LET THEM KNOW WHEN TO EXPECT A PAYMENT VIA MONEY GRAM. NOW I'VE BEEN READING YOUR COMPLAINTS, AND BLOGS, AND IM SCERRED. I STILL DO BUSINESS W/ THEM, BUT I DONT KNOW WHAT TO DO ABOUT IT, I DONT WONNA GET STUCK IF THEY GO UNDER...THEN WHAT? I DONT KNOW IF THEY WENT BANKRUPT OR WHAT! PLEASE KEEP ME INFORMED!

    0 Votes
  • Mi
    Mike T. Jan 01, 2009

    Well, after still not getting any satisfaction from AmeriCredit, I've finally put things in the hands of my attorney. He told us to wait about 2 - 3 weeks to see if his actions will get results. If nothing happens, then I go to our state Atorney General, plus the Better Business Bureau. I might even get a class action going against AmeriCredit.

    0 Votes
  • Mr
    Mrs. Georgia Feb 07, 2009

    AmeriCredit is the worst I have ever dealt with i would not reccommend this place to ANYONE! Rip Off!

    0 Votes
  • Ch
    Cheasta Mar 11, 2009

    My husband and I had just payed off a 5 year chapter thirteen banckruptcy and our credit was not good. We went into a local dealership and bought a car, we asked the normal questions about the contract and the credit manager explained everything about our loan at least we thought he did. When we began to experience financial problems we became late on more than one occasion. I spoke with a customer service rep. and she told me we had a simple interest loan and we could be late if we wanted because that ment more money for Americredit and it could take us years to pay it off!!! This has to stop, is there anything that can be done.

    0 Votes
  • Lo
    lotsofun Mar 17, 2009

    Please contact me if there is a class action suit against this bogus company. I too was assured by the dealership that this was the right loan for me, after a recent divorce and short work history. They offer when they want to help then when you ask for help with payments they say they can't do anything. I am struggling to make payments since my ex husband is not working and can't send us support. Americredit said they would help by deferring payment at a price $227.00 if I would give them the names of three people they can harrass about my situation. They call me 15-17 times a day every day, different people each time asking the same stupid question, why are you late with your payment? After 50 payments I will have to relinquish the car because of their fraud and abuse.
    [email protected]

    0 Votes
  • Ru
    Russ Mar 26, 2009

    My wife and I purchased a 2000 Chrysler Voyager in 2003 using Americredit as the finance company. Our loan was coming to an end and a month before the loan hit maturity, the car was repossesed due to lack of payment. I have requested documentation of our payment records from the company twice and that request has not been honored. Almost all correspondence has been via the phone. They sent one letter post repo, outlining what monies needed to be paid in order to get the car returned. We chose to pay the loan reinstatement option and sent the money via western union. They fought with me over an hour on the phone refusing to release the car for their stated fee but ultimately did release it and said they would contact me with the payoff amount. They called this morning with a payoff amount that was double the difference between reinstatement and the complete release of the car. When asked why, they said that they had to pay the $400 toward the impound fees on the car, which by the way, was part of the money paid to them on Tuesday. And of course if I don't get this paid, then they will repo the car again. If I pay this I will have paid close to $10, 500 for a car that is was only financed for $9, 300.

    0 Votes
  • Ra
    Raven Apr 16, 2009

    Americredit somehow managed to screw me for 25k on a Hyundai Accent. When I signed the agreement the bill of sale says that I financed 16k for the car. So naturally this is surprising to find out in the previous few days that I also apparently agreed to an additional 9k in interest. I save EVERYTHING. I'm like a pack rat and save everything so if they had given me any paper work I would have it in my files or even in my car. I have nothing. The car dealership didn't give me all the paperwork when I purchased it (stupidity on my part) and I didn't realize it until now while going through all my paperwork and not finding anything I need. I have nothing about my loan or anything about the financing other than the bill of sale. So now I called Americredit to have my car voluntarily reposessed because I can no longer afford the high monthly payments ($356) every month for such a low quality car (I'm out of work on disability cause of a work related injury and make virtually nothing). I have called in the past about having them reduce my interest rate which they refuse to do "because they don't refinance cars" but I can refinance with another company if I wanted to. Well since according to them I'm high risk because I have a low credit rating (due mostly in part by low income) I can't get my car refinanced and they won't work with me even though I made every payment on time every month for the last 3 years. So with my call to repossess the car I am told that not only am I still responsible for the balance, but any charged off balance over $500 is considered taxable income that I have to report to the IRS when I file my taxes. WTF? Are you serious? And it's going to affect my co signer too...who thanks to the economy is on unemployment. Fantastic...someone should be sent in to investigate Americredit's business practices.

    0 Votes
  • Do
    Donna Meredith Apr 26, 2009

    Hey to all...

    The same exact has happened to my husband and myself. All 72 payments have been made. Now, Americredit is stating we still owe another 3500.00 or they are going to repo my vehicle. They also want the 3500.00 in full. I say, we all need to start class action suit. I'm getting a lawyer. Anyone out there willing to start a class action suit?

    Donna Meredith

    0 Votes

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