AmeriCreditUnfair business practices!

T
This review was posted by
a verified customer
Verified customer

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

  • Al
    allen maynard Apr 15, 2012

    2002 paid cash for 25 k car.tried to sell car and americredit who I have never heard of says I owe them 1500.00 in fees.I paid cash and have the pink slip, but dmv wont let me sell car.I signed the car over to me son.and he tried to register it and they say the car is his, but now he cant deeive it until the lien release is solved form americredit.

    0 Votes
  • To
    Todd Jumper Feb 14, 2012

    Very accurate. I wish I never got a loan through this company, one day over due and they constantly call you.
    Sent a check and it was lost in their mail. They kept calling my employer and saying it was an emergency not announcing themselves as a collector which violates collection laws.

    0 Votes
  • Jo
    joycelim Feb 26, 2011

    Hello. I am from California in Compton. I would like to talk to you in regards to your car. You can reach me [protected].

    0 Votes
  • Tr
    Trvkell Feb 24, 2011

    Yes, go to the freezer and grab yourself a chill pill.

    This is not the best post for several reasons, if harm comes to an AmeriCredit employee in your area you would be a suspect. I'm just saying you mention you have been to jail etc, in my mind from reading your post if you see an AmeriCredit employee you would harm them, here is some advice for you. If you want to take revenge or get back at a business don't post it, JUST DO IT! (Nike).
    I know that AmeriCredit is not a good company and they are @%$*-bags.
    Just in a cool calm manner explain you issue and maybe someone can offer advice.

    0 Votes
  • Cr
    Creps Feb 24, 2011
    This comment was posted by
    a verified customer
    Verified customer

    Let me run into an employee of americredit and we shall see who pays what.from this day forward i will spare no exspence to cost this company money at any means at my disposale.and the threat of jail dosent scare me as ive been there more than once.employees, buissness, s, and any thing else related to this company is free game.and you wont be the first company i have waged war aginst.dept collectors are ### and will be treated as such.you can call all you like, my phone has an ignor button and i use it offten.by the way the ford ranger your looking for has been cut up with a torch and sold as scrap in jackson ms.investigat that you ***.

    0 Votes
  • Je
    Jessica G Feb 15, 2011
    This comment was posted by
    a verified customer
    Verified customer

    This company has the highest interest rate and no programs in place that can reduce your payment! they call my home at least 4 times a day along with a message in my e-mail . they should have some type of loan payment program for a 7 year old vehicle. all that they want is a payment. i have been paying on this loan for 5 years and the loan amount is outrageous!!!The repeated calling is almost harrassing! they even call the individual that you have listed as a reference. there should be a program that can catch up payments and satisfy the loan amount!

    0 Votes
  • Lo
    lost in eastport maine Nov 27, 2010
    This comment was posted by
    a verified customer
    Verified customer

    i purchased a 2003 s-19 and needed to drive 60 miles a trip in order to get back and forth to work. there is not a public transportation system here.my job is in healthcare but i still do not keep up with the payments and have been late on several occasions due to reduced hours which means less cash per check. expenses keep rising but the income keeps going down. i have tried to get the payments reduced but americredit will not help me at all and i wonder if they are doing the same to other (victims) customers.according to remarks here the americredit company looks for easy victims by buying credit applications of poor working people who have submitted for help only to be further ruined by deceptive practices, in other words poor working people called customers but are really victims of a poor peoples working system who needed a stylus help with transport or public passes to public transportation. please remark

    0 Votes
  • Ka
    Katz64 Nov 15, 2010

    I financed a vehicle with Americredit and when I found someone to take over payments or even refinance my vehicle with full payment, they would not do this. Their customer service was rude, rude, rude, they were uncooperative, and unwilling to help out in any way fashion or form.

    Don't do business with them.

    0 Votes
  • Am
    Amg808 Oct 11, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I had horrible credit (550) when I was approved for a loan with Americredit. GM wouldn't even consider me. I had them 6 months and we had a house fire..Which completely changed my life. I called them to advise them of what happened and that I would like a deferment. "Rob" advised me that he was sorry about my fire and I could have the months payment defered. I was so happy! However, he didn't ask me to pay a fee or fill out any paper work. I believed him when he said it was "taken care of". Two weeks later I get a call from them "Where's this months payment? you can pay over the phone with me". I advised them I spoke to "Rob" two weeks ago and told him about my house fire and he said I could have a deferment. "We dont offer deferments!! and your account is too new to evenb consider it". Are you serious? I said "look at the notes!" "No notes mam, no Rob in this department." I was given to a supervisor who advised me to "borrow money from a friend of family member." How insensitive are these animals? Needless to say, about two years into the loan my credit score improved greatly and I went to Honda. I advised them "If I can't go through Honda credit the deal is off, no more high risk companies!" My credit was 720! So I am with Honda..Such nice people!! Never again will I deal with them. If you have bad credit, get a crap car and rebuild before you go with Americredit..They are horrible...

    0 Votes
  • Gi
    ginac73 May 23, 2010
    This comment was posted by
    a verified customer
    Verified customer

    We financed a $26, 000 car 6 yrs. ago with Americredit for 72 months. We have paid on time, every month. Our payoff on our car is still $10, 250. with only 12 more payments to go. To date, we have paid nearly $50, 000 for this car that is now worth about $4000. We offered to pay off the car a few months ago for $12, 000 when the payoff was around $14, 000. They refused. Americredit is the slimiest, most crooked financial institution I have ever worked with. It should be illegal the way they run their business. We have definitely learned a huge lesson!

    0 Votes
  • Am
    AmyLaRue Feb 16, 2010

    I suppose al you losers think you are "entitled" to a car? What a bunch of worthless ###.

    0 Votes
  • Me
    memoryfable Oct 08, 2009

    To anyone who wants to buy a car "DO NOT GO WITH AMERICREDIT" I went to a car dealer to buy my first car and that was the company that picked me up. At 18% a month and they made me get a 5year 100'00 mile warranty, that added 4000.00 to my car and and in the long run I am paying for that ###ed up warranty that and the car is valued at 3000.00 as of date. So I am paying in all 16, 000.00 for a car that is worth only 3000.00. But that's not my biggest complaint with them. I pay my bill on time every month and if I am a few days late than I am okay with paying the late fee but as of the last few months of 2009 they have been saying that my payments are late or they didn't get them. Then I thought that I would be smart and pay the dam thing online and get the comp number. Now they are saying that they didn't get the payments at all and I tell them I have the comp numbers printed off line and on their website.. "WE DIDN'T GET THE PAYMENT YOU MUST HAVE TYPED YOUR ACCOUNT NUMBER WRONG" All the right numbers are there just the lasted number is in the front and let me tell you I have been putting my account number on many thing and I wouldn't do that so there online system is messed up to. When you complain it get worst with them not getting their payments. Has this happen to any one else when you look at your bill LOOK AT THE PRINCIPAL AND THE INTEREST make sure that the numbers add up because they we addeding money to my account and pocketing it that what it looked like. SO IF YOU ARE A FIRST TIME BUYER DON'T GO WITH THIS COMPANY NOT NOW NOT EVER AND WATCH OUT FOR THE COMPANY "GMAC" THEY DID THE SAME THING TO MY HUSBAND ALL HIS PAYMENT FOR FIVE YEARS AND NO CAR.

    0 Votes
  • Mi
    mizz.smith Aug 19, 2009

    ILLEGAL REPO, AND BILLING PRACTICES

    0 Votes
  • Da
    Dark Knight Jun 18, 2009

    Another Comment see the Better Business Bureau online. 757 complaints, etc. Once again-DON''T TRUST THESE PEOPLE !!!

    0 Votes
  • Da
    Dark Knight Jun 18, 2009

    God pay your bills people ? God doesn't pay my bills, Idiot. Obviously someone related to this lousy company. I paid off 75% of my loan before my car was rear ended-just short of being totaled and got behind on payments due to all the repair and rental costs of another vehicle for work. Tried to inform Americreit of this predicament with pictures and Police report. Eventually Americredit repossessed my vehicle although I was making partial payments and let themknow I would be paid up to date once I received my Tax refund, as I get my pay pre-taxed. Not a Company that I can Honestly say will ever gain a decent Reputation as they are the "ENRON" of Auto Financing. Don't TRUST THESE PEOPLE!

    0 Votes
  • Do
    Donna Meredith Jun 04, 2009

    Hey guys...

    Just to let you know, these crooks not only sent us our Pa title to my 2002 exterra, they also had the title flipped in Indiana, to them, the same day they took my vehicle. How legal is that? I would like to get in on a class action suit but am having difficulty for an attorney to take them on.

    0 Votes
  • Id
    idiot May 30, 2009

    Americredit is a company staffed by highway robbers, thieves and burglars. I got financed by this thieving company for a car that is under 15, 000.00 right now, but the company is charging me over 300 is interest and only 50 percent as a principal. when i finish paying off I would end up paying 33, 000 for a car that is street valued at 15, 000 or less.


    ROGUE COMPANY

    0 Votes
  • Ha
    Harriet May 02, 2009

    These people are nothing but legalized theives! To put it nicely. I got behind on payments in December, called them and they deferred the payments. I then sent them $127 for late charges. I thought i was alright, started making my payments on time again, then i get a bill in the mail for $1207.07. I get on the phone and call, they tell me i was 4 payments behind, they did defer 2 payments! So i didn't make my next payment, tried to get ahold of someone to see what was going on, then bang, the dirty sneaks come in the middle of the night and take my car. If any one knows how to start a class action suit againts these low lifes, please let me know! They are rude when you try to deal with them, they call 20 times a day, which is illegal. I have filed a complaint with the B.B.B. and the F.T.C. Hopefully if enough of us do this they will shut these people down! I also wrote to the Today Show and sent them a letter from Ripoff.com about what they did to one of our American Soldiers wife while serving in Iraq! If you get a chance, read this! It pissed me off worse them taking my car. AmeriCredit, they ought to be called Mafia Credit, to me there worse, at least the mafia let's you know what's coming! If there's a lawyer out there, Help! There sure is enough of us for a case and if you need more just type in AmerCredit, you'll find plenty!!!

    1 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
  • 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
  • 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
  • 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.
    lot[email protected]

    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
  • 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
  • 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
  • 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. 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
  • Da
    darcy marie Nov 17, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
  • Et
    ET Oct 27, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I'm in lets start a Class Action today.

    0 Votes
  • Ja
    Jason Oct 07, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
  • So
    Sonia Sep 29, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
  • Ac
    acl Sep 24, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
  • Ka
    Karen Aug 25, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
  • Su
    sue sheffield Aug 20, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
  • Jo
    John Gomes Aug 16, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
  • Sh
    Shawna Aug 05, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
  • Su
    Surounded by morons Aug 05, 2008
    This comment was posted by
    a verified customer
    Verified customer

    you are all idiots. do you really believe someone is going to loan you money and not profit from it. how naive!

    0 Votes
  • Jo
    jo momma Jul 17, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
  • 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
  • Lo
    Louisiana May 08, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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

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