Graduate Management Admission Council [GMAC]
reviews and complaints

I have never been late or missed a payment on my mortgage. In April of this year I filed the paperwork for a loan modification. This was denied almost immediately. I continued to pay my payment each month. Then in September I recieved a letter that they were going to put me on a "temporary" loan modification for 3 months. I paid the next 2 "new lower" payments on time and in full. Mid way thur November I recieved a notice of default. I have been getting the run around from them but the best I can figure is thet the "modification" department is not communicating with the mortgage department. As far as the mortgage dept is concerned, my payment has not been paid in full for 2 months. I have tried to talk to someone that knows their *ss from a hole in the ground, with no avial. I am now getting calls from the forclouser dept. I told them that I would make up the difference in the payments( remember that the mod dept gave me a lower payment). They told me that it was to late and they were starting the forclosuer process. My wife is going to have a stroke over this. I am going to fight until the day I die if I have to. I only did what they told me to do and now they are going to take my house because of their internal issues! BS!
We have to take a stand against there bone heads!

I might be getting the run-around from this company.

Originally, I usually save up for my taxes, and pay the first half in January. Because I did not make it fast enough for them, with no explanation, they impounded the taxes, and was charging me over $4k when my actual taxes were $3200.00!

Spoke to them and told them the high jacked up amount now made it very hard for me to make those monthly payments. They w, and ere cold and indifferent, and in frustration, I hung up with no closer to any kind of resolution for either of us. I continued to make my usual mortgage payment, and any additional amount as I could manage

I then applied for a re-fi that May, and to my horror, they had reported me delinquent, and my credit score took a serious dive by200 points. I was livid, and called, but asked to speak to the dept. that handles modification loans. Spoke to a guy named Kevin who seemed very sympathetic, and re-assuring. He told me starting with the next payment, it would now be $1050 pmt per month, gave me a new address to send the payment, that it must be received by the 1st of each month; no grace period. It was also now to be a certified check - no personal checks. I would pay this until a decision was made. A week later and I rec'd paperwork for me to complete and turn in; which included 3-5-m years previous tax returns.

It's almost 6 months, and I have not heard a thing, or get an answer out of anyone. A note with a payment, and several calls attempting to find "Kevin" has been impossible. In the meantime, I not only receive the same monthly statements, and is claiming I am owing $4K+ to resolve and says I'm in default! I also get these short letters from them with the alternate address claiming my monthly payment is short!

One more month, and I will have to escalate this - one of my earlier conversations with them, I found out that they are just a "Lone Service Provider." So while this whole time I assumed they had purchased my loan from the old mortgage company, it turns out my loan is owed by Wells Fargo Bank.! So I wonder if I will get a better shake going to them instead. I do hear though that they are rather ruthless, and have one of the worst records of coldness to people of color. (I suppose of course unless you are P Diddy or Bill Cosby)

I might add that having been single, very little established credit at the time, and being a cash and carry; then inheriting the house with my sibling, I could only get an ARM which I used to purchase our parent's house, and paid my sibling off. I have been having to Re-fi every other year at 8.5% since 2004, and by beginning 2009 had a credit score of 685.

Others I know that got modifications from their banks have waited up to 6 months.

I contacted GMAC as instructed for a loan modification after I was notified the value of my home had gone down, State of Washington had cut my hours and the cost of living had almost doubled. They, GMAC, said I could get a loan modification. Come to find out, their modification cuts the payment but adds the difference to the back of the loan putting you more and more in debt and your credit rating getting worse. Because of this I chose not to do a modification.

Also, without informing me, they said they did an appraisal and they would not provide me with a copy of this but added a charge of $103 to the amount of my loan. Only after the Attorney General contacting them they sent the Attorney General a copy of the so called drive by appraisal.

I have never been behind nor am I now. I have actually paid more than the payment amount each month to lower the principal. Now all extra monies I send over and above the payment, they take as fees and do not credit toward principal. When asked why they tell me they don't have to respond to that and all fees stay as is.

My last payment, I sent $36.07, over and above my payment, of which they credited as fees. It doesn't even reduce the $103 they charged mefor the appraisal.

Prior to GMAC purchasing my contract in August all extra monies were credited to Principal Curtailment as they should be. But now GMAC takes those extra dollars as fees (FOR WHAT?)

Gmac faces $125 million penalty in california repo case

December 8, 2003
General motors acceptance corporation (gmac) faces a $125 million hit after losing a class action lawsuit on behalf of over 30, 000 california borrowers. The suit charged that gmac was illegally collecting from borrowers whose vehicles had been repossessed and sold by gmac.

The ruling is a "stunning wakeup call for lenders who violate california law," said mark a. Chavez, the attorney for the plaintiffs.

In an 18-page decision, santa clara county court jack komar found that gmac violated california law governing automobile repossessions throughout a seven year period, and was engaging in unlawful collection activities.

The lawsuit, smith v. Gmac, alleged that between august 20, 1994 and june 30, 2001 gmac repossessed the automobiles of thousands of its customers and sold them without providing the customers with a legally adequate post-repossession notice. Judge komar agreed, finding gmac's post-repossession notices to be "legally defective".

Typically, when a car is repossessed and sold, the borrower will still owe the lender thousands of dollars. This is because the cars are generally sold at auction for prices that do not cover the amounts outstanding on a borrower's loan. The bill for this "deficiency balance" often comes as an unpleasant shock to consumers, who are already in financial trouble, and who mistakenly assume that once the car is gone, so is the debt.

California law, however, provides a measure of protection for consumers whose cars are repossessed. A lender such as gmac is required to send its borrowers a written notice containing very specific information about their legal rights following a repossession. If the lender does not send such a post-repossession notice containing all of the required disclosures, the law says that the borrower is not liable for any deficiency balance.

Judge komar ruled that because gmac's post-repossession notices were "legally defective" class members "are not liable for any deficiency balances assessed to their accounts by gmac, and never owed those amounts."

Nevertheless, gmac had collected millions of dollars from class members to whom gmac had sent legally defective notices.
I am not in the trouble that most of you are in this blog, however; the "repo-man" makes me sick. So I decided to provide you with a tool to deal with those incompetent finance "professionals" at gmac
"the evidence in the case indicates that gmac assessed approximately $125 million in deficiency balances during the class period" stated kim e. Card of chavez & gertler, counsel for the class. Card estimated that gmac had collected more than $15 million of the deficiency balances prior to the trial and was trying to collect another $110 million in outstanding deficiency balances from borrowers who did not owe the money to gmac.

Under the court's ruling, which addresses liability issues and reserves the damages award for later, a notice and questionnaire will be sent to all potential class members. They will have the right to seek refunds of any payments they made to gmac after a repossession on a deficiency balance, plus interest on those payments.

Read more: http://www.consumeraffairs.com/news03/gmac_repo.html#ixzz0VP4kXvsi

I called gmac mtg to let them know I was going to be late on my sept. Mtg. Pmt. They asked if times were tough I may qualify for a loan modification. I said great i'll try it out, work has been slow. A week later after all the paper work was faxed in, they informed me I was qualified and gave me all the info over the phone of my new loan pmt, rate and the details. They mentioned if I wanted to keep the rate and the loan in good standing I was to send in a cashiers check by sept. 25th in the amt. They requested. Being that this was my mtg. Company that I have dealt with for 6 years I sent in the amount requested as not to lose the interest rate. At that point they said I should receive fed ex loan papers in a few days and not to make an oct. Pmt. But to make a nov. Pmt before nov.1st whether I received the documents or not. That was sept 21st. Since then I have gotten the total run around when I call in to gmac/homecoming fin. Some have said the paper wk is backed up and the loan is approved look for the fed ex in the next couple of days. This fed ex never shows. Now I call today oct. 27th and they indicate they had to re-due the loan because they made a mistake and now my new pmt will be more than what I paid before I started any modification with them. I asked to speak to a supervisor on many occasions and would be placed on hold for a few minutes only to be hung up on. At this point, my last call today was to find out my delinquent amount to gmac so I could cancel my loan modification and pay the balance to loan pmt center. Funny thing is I called and spoke to one individual, they gave me one amount and address to send it to and then I called a second time just to be good and parranoid only to get a different pmt amount and a different address to send my pmt. They also told me to call in tomorrow to see if they cancelled the loan mod. Yet before sending the pmt. Please any suggestions?

I leased my last 4 vehicles through gmac and never had a problem when I turned in my vehicle to the dealer. Based on their records, I am a premium customer.

Last month, I returned my buick with 36, 000 miles and gmac sends me an invoice for $123.99 to fix minor scratches. Mind you the vehicle had 36, 000 miles and these minor scratches can easily be fixed with a $2 wax polish. Also they indicated some gasoline stains near the gas tank. Yes gasoline stains! Like having a used umbrella with water stains. I could have fixed the scratches if they told me about it. I spent $10 to wash the damn car before I turned it in. And they want $129 so they can grease their favorite dealer.
Gmac hires 3rd party assessors whose only goal is to find way to assess damage. Never again gmac. Bankruptcy has made this company another crook in business suit.

I called the 1-800 number and an idiot named ryan tells me, "okay don't pay, i'll get the collection agency on you". I ask for the manager and her (ms. Jennifer anderson) voice mail says she'll be out for 2 weeks. And she hasn't called for over 2 weeks since she's supposed to be back. Yes, manager's out and there's no one else. Just send me your money. That's the message. Crooks. Never again gmac.

Received letter from GMAC on June 11, 2009 that stated they could reduce one or two of my payments on my lease. I called, got approved to skip two payments and was told I did not need to send another payment until August. So, that's what I did. Two days after making my August payment my car was repoed. After speaking with customer service I was informed that I was 80+ days late on my payment. Explained to cust. service about the letter that I had received. They said that they had no record of me ever being approved. Spoke with the gentleman who had approved me to skip two payments. He apologize admitted it was GMAC's fault and said that it had "slipped through the cracks". Well, I was without a car and my purse and had to miss work to get my car from the towing company. Had to end up paying for the two car payments that I was told I could skip plus all towing and storage fees. Needless to say, I am very upset. In addition my credit report now shows that I have a repossed vehicle even though I paid for and picked up my vehicle the very next day. Is there anything I can do to get this off of my credit? I can't wait to return my leased Cadillac on November 13th and will never use GMAC again.

Tiffany

Gmac mortgage is scamming the working class, I applied for a modification and paid on time and was denied and never informed until they had the opportunity to report my mortgage as being 60 days past due even though I was paid up one month ahead on the modification. This company should not be allowed to continue to scam the working class to get more money and they should not have access to federal funds and. There should be an investigation into what they are doing and I will never refer any human to this company. I have never had a late payment and they ruined my credit because they have no rules and their goal is to see all hard working americans with no home and bad credit just because the can. Gmac mortgage sucks and their policies should be investigated

Never ever trust gmac timeshare to rent or sell your timeshare property. All they want is your money. After signing up with mr martin and cynthia delfi, you won't hear anything from them. These people will promise that your property will be sold/rented in 4-6 weeks — guaranteed! But after collecting your money, you won't hear any phonecall from them. The same with their customer service — you will not receive any updates from them. This is a total rip-off!

I signed up and paid $599 last april 09 with a promise that my property will be rented in 4-6 wks as the maximum wait time. I never received a phonecall after they cashed in my check. The contract states that you only have 7 days to cancel and must submit a cancellation in writing. 7 days is too short if you are hoping and trusting that your property will be sold/rented in 4-6 wks. This is a scam!

It's a waste to trust any company that sell or rent timeshare property. If they are asking for your money up front, stay away and stay away from gmac td in florida and platinum property in las vegas.

On april 15, 2008 at around 1:00 am, the crew of rebello’s recovery (who was hired by gmac) came to our apartment to reposes our suv due to late payment.

The suv was parked in our gated apartment with the garage door secured. The said crew climbed the 7-foot garage and took the garage remote control from the suv and towed the suv.

The incident was witnessed by our neighbor, who happens to be my younger brother. According to my brother, when the suv was taken out of the garage, the vehicle’s hood was damaged when the garage gate automatically closed while the suv was being transported out of the apartment. Upon getting out, the crew lifted the rear door of the vehicle which resulted in hitting the metal bar of the garage gate – this had caused damaged on the rear light of the suv.in addition, as the crew was towing the vehicle, it hit the side of the apartment garage which resulted in damaging the mirror by the driver side.

On april 18, the payment was settled with gmac. I called rebello’s recovery to inform them about the release form and was advised to pick up the suv on april 21. Rebello also send us a letter with all the allegedly properties that were in the suv and the alleged vehicle damages when it was taken from my apartment. The company claimed that all the damages listed on the letter existed prior to april 15, and that the damages were not caused by their crew. This vehicle was bought brand new six months ago and there is no way that the damages that they alleges existed prior to towing it few days ago.

When I arrived monday at rebello, I was asked to sign a form that releases them from being liable on any missing properties and damages of the vehicle. I asked them that I need to see the vehicle before I sign the form. They denied my request to see the vehicle as it is allegedly against their policy.

The company called gmac to convince us to take the vehicle out of their garage. I spoke with leanne from gmac and was advised to sign the form, which I denied.

I filed a claim from our car insurance, geico, for the damages caused by rebello. They are now claiming that the vehicle was towed outside the garage, which is totally a fabrication of what actually transpired on april 15. Geico was also denied to see the vehicle.

Gmac had agreed to pay for the damages but had advised us that they will demand that geico reimburse them for the costs of the repair. Per our insurance policy, the cost will be pass unto as, which is $1000.00 deductible. If we agree with this settlement, it is a obvious admission that the damages were not incurred by rebello. I refuse to agree with this settlement.

As of this time, the vehicle is still under the possession of rebellos, due to the fact that I refused to sign the release of liability form.

I really didn’t expect that I would be so late for my payment, because it is supposed to be automatically deducted from my bank account I enrolled sometime of march, and I just received there termination letter of my direct pay on april 29, 2008. I don’t really mind about the payment but for the damages that they did to my truck. It’s like purchasing something that I didn’t even seeing it. We need help, we’re looking up for a lawyer that could help us, but they said that this case is too small to be handle. They asking us about how much could be the damages worth, but we don’t know because that company doesn’t want us to see the vehicle.

Andrea poling of prudential landmark realty of champaign ill. Calls me on the phone tells me she is authorized to give me a check for $2000.00 dollars if my wife and I moved out of the foreclosed home by the end of the month. My wife and I moved out one week before the end of the month. She comes out takes her photo's of the inside of the place, say's it looks good had to sign these w9's she took the key's and the w9's and said she does not have the check. Cyprex does she say's she has no way of getting a hold of any oneto get me the check, we signed these papers that state 2days after inspection we will have our check. It is going on 3weeks now still no check... Where is my check? Do I have to take this to court?

Marc hood

Hi
My whirlpoor white magic h 55 washing machine is not working.
Can you please let me know contact details of your authorised aftersales & service centre / customer care centre, which is near by malviya nagar in new delhi-110017.

Please respond ugently.
My e-mail id : [protected]@indiatimes.com

I leased a car a few yrs. Ago and was coming toward the end of my pmts. I fell behind on them due to a knee injury and being out of work on disability. I was behind but I kept paying and only owed 7 more lease pmts. The company, gmac decided to reposes my car. I thought I would have to pay off the lease loan and fees, but I found out that when my sales rep was going over the contract page by page we missed the part that stated if the car was repossessed it would be auctioned off and I would be responsible for the difference along with the remainder of the lease and all costs. Don't bother fighting it, the law is not on your side, the car dealers don't care and you go to court anyway. The biggest kick to this is the attorney that was handeling this for gmac, craig s. Schoenher in sterling hgts. Mi decided to put a lean on my house as I lost my job in april and my husband lost his in jan, and I missed a march&may pmt. Look at the way the world works, isn't it just wonderful. Even when you are trying they wreck your credit as much as they can!

I had a loan with GMAC on my house. We sold the house and bought another one. The original house fell out of escrow. I put both houses up for sale, and paid two notes for over a year. During this time the company I work for went through Bankruptcy. I lost 59 ½ % of my pay, and was unable to pay two notes. I offered GMAC deed in lieu of foreclosure, they would not accept.

I had several offers GMAC would not even talk about a short sale with me paying the difference. I even had an offer for within $7000 of payoff. While negotiating this offer GMAC foreclosed on the house with only a 28 day notice. (30 days required by law in Ga.) GMAC was only after the PMI money and would not work with me in any way. I will NEVER! have another loan from GMAC/DITEC etc. nor will I ever own another GM product.

GMAC mortgage needs to be investigated. With their practices they should never have gotten any tarp money from the Government.

GMAC Mortgage entered into a modification agreement with me. Afer the first payment was collected, I received a letter from them stating that my rate would increase for the next month even though the modification agreement stated that my payments would be fixed for 2 years. I continued to make my payments according to the terms in the signed contract. For over 5 months, GMAC cashed my checks but never credited my account. After collecting payments for over 5 months, GMAC filed a NOTICE of DEFAULT against me. They are outrageous!

I am an owner of a forensic loan auditing company. I am so upset about what this incompetent company is doing to people who are paying their bills. I have filed a complaint with the FTC, but they do not investigate individual cases. I am willing to do FREE audits for GMAC customers. I am interested in compiling all state and federal violations GMAC commits against its paying customers. Please email me at [protected]@freshstartaudits.com. If we can identify and show that these practices are routine, then we can expose them for who they really are (GREEDY LIARS). Please email me I am interested in what they may have done to you!

I mailed a check to gmac on 3/14/2009 for my car loan account that I have with gmac. Gmac cashed this check on 3/19/2009 for $318.72. I have the cancelled check from the bank. Then, gmac sent me a letter saying that they will not credit this amount to payment of my car loan because the check was to 'gmac insurance' and not to gmac even though the check had the correct account information on it. I then asked gmac to refund this amount to me and they have refused to return it. So, they cashed my check and kept the money, refused to credit this payment to my car loan account, refuse to return this money to me and have refused to return my calls so far. I have sent them all the paperwork. Any suggestions?

My son leased two vehicles from gmac last year and they accidentally put me as a co signor on both of these vehicles and not even using my right birth date. They used my wife, s birth date. They aknowledged there mistake and told me it would be fixed in 30 days. A year later I found out they are still on my credit report. The letter dated may 1/2008 will be forwarded to my lawyer asap. Don [protected]

Beware! We were offered a home modification, reducing our payments. They have a trial period of four months, and then if payments are made successfully they will give you a permanent modification.

During the trial period, if regular payments are not made, they will mark the past due balance as 30, 60, 90+ days late on your credit. If you pay the modified amount during the trial your credit will be ruined.

If they decide to add an escrow to your account, you will need to make the new higher payments or suffer negative credit marks.

Negative credit marks will increase your credit card rates, homeowners and auto premiums.

You will be forced to pay the regular payment, an increased payment adding escrow or ruined credit.

For at risk homebuyers not 30 days late, this is a doom.

They need to change their policy before they ruin people's finances.