For over 50 years my father was a gm car dealer (cadillac). He was a staunch advocate of 'american-made cars' and was loyal to gm until his death a few years ago. No one in our family has ever purchased any vehicle that was not made by gm.
My husband and I have a leased vehicle, the lease is up this month. We contacted the dealer two months ago about 'turning' the vehicle in. Dealer at the time was worried about the taxpayer buy-out and told us he would look for a vehicle for us, not to worry and that cadillac had a 'pull-ahead' deal and we would not have to pay the last two months on our lease. Being the daughter of a long time gm dealer, I knew what the dealer was saying. Lo and behold, phone call comes into my husbands business a few days ago with the threat "we will be repossessing the vehicle in one hour". My husbands secretary called him on the job to tell him. He then immediately made the final two payments to gmac. What the heck? Gm says one thing, then another? We are waiting for the new vehicle which was explained to gmac but they did not want to listen. We have decided to cancel the new gm cadillac we ordered and will be purchasing either a lexus or hyundai. After being loyal customers to gm for so many years, not to mention the family owning a dealership for many years, we are dismayed over the rudeness of the person from gmac. First of all, giving out personal information to a secretary is an invasion of our privacy. Secondly, we were merely following cadillac's instructions not to pay the last two months of the lease. Thirdly, as taxpayers, I am disgusted that any of our hard-earned money went into bailing out a company that obviously does not care about their customers. No wonder the company is folding. Good-bye gm, you've lost another group of loyalists and you have no one to blame but yourselves and the ignorance of the gmac employees who have no idea how to talk to people.
I have an agreement of paying so much for the overage on my old lease. My payment was 1 day late due to the mail system, they are asking me for an amount in which I cannot afford, and are automatically sending my account to collections. The girl I talked to on the phone said I had the option of calling in my payment, which I had no idea I could. She then said that I could talk to a supervisor the following week, what is that going to do now when I need to talk to someone, next week will not work for me.
It will be after the account goes into collection.
They said that if the mail doesnt get there in time, then they take action, what about the letter that they sent out to me that was dated on the 9th and I recieved it on the 17th. And they will penalize me for that.
Over the last several months my husband and I have been trying to work with gmac mortgage to save our home. I am unemployed and my husband is self employed and as many others have... We too have fallen on hard times. I wanted to share with you my horrible ordeal. The easiest way to do this would be a time line.
In september 2009 I contacted gmac to explain my hardship. They were kind enough to give us a 4 month forebanrance taking us through december 09. (we trully appreciated this. I had hopes that within the next 4 months our business would pick up and I would be able to find a job. Unfotunaly this did not happen)
December 22, 2009 we received a letter from orlans/moran (gmac's attorney's) stating that our mortgage was in default and that we needed to contact gmac to make some kind of arrangements. I contacted gmac immediatly and asked what the process would be. They stated to submit paper work for a loan modification..
January 11, 2010 all necessary paper work including a financial analysis for loss mitigation workout, a financial hardship affidavit, request for transcript of tax returns, bank statements and the sourse of income (which was massachuetts unemployement) was faxed. I called and confirmed that they received all paper work.
On january 21, 2010 we were sent by certified mail a notice of intention to foreclose on tuesday, february 16, 2010.
January 22, 2010 I contacted both gmac and orlans/moran (gmac's attorney's) to see how I could stop this from happening. Both parties told me two things - that I needed to contact the loss mitigation department (which I had already done) and that if we called on thursday, february 11, 2010 (5 days prior to the aution date) and not any earlier we could ask to postpone the aution. At this point I had high hopes of delaying the aution and saving our home because of the hope for homeowners and/or a loan modification.
January 26, 2010 I contacted gmac to see what the status of the loan modification was. They said it was still in review.
February 3, 2010 I was sent a letter regarding some additional documentation they needed. They were missing a copy of the most recent paystub (which I had sent them already), unemployemnt award letter and 2008 taxes (which again... I had already sent them.)
February 8, 2010 called to see if there was any update on the loan modification and to explain that we maybe filing for bankrupcy. Nothing at this point. Instructed at this time to call on thursday, february 11th to ask to postpone the aution as instructed.
February 11, 2010 I called to asked to have the aution postponed. A ticket was entered. I instructed the gentalmen to make sure that they called me on my cell if they had any questions or need anything. I was adimint about it! I also asked them to put in the notes that I was very very close to getting a job... I am on the 3rd round of interviews and all I was asking was for a couple of weeks to see if I got the job. They told me that they would document that.
February 11, 2010 - at 2:00 eastern time I received a call from a woman named maureen who asked me to give her a call. It was late that evening and I had to wait until the morning to contact her.
February 12, 2010 - called maureen around 10 am regarding message left the night prior. [protected], option #5 and extention - 2365415) I left all the information needed for her to get back in touch with me including my cell phone. About an hour later I trired calling maureen back and still got voicemail. I finally called the regular call center in which I was told that the request had been denied due to missing documentation. The documentation stated that they did not have the signed 2008 tax form which I had already faxed over twice before. Very upset I stated that I would send the information right way. The representive told me that the fax could take up 24 to 48 hrs to receive and once received I could ask for the aution to be postponed. 24 to 48 business hours would bring us to tuesday! This was unexceptable to me and demanded a different solution... She gave me an emergancy fax line. [protected]) I still wanted to talk with maureen who I was told was a supervisor... I called and left a total of 6 message throughout the day asking maureen to contact me. I begged her to just call me and update me as to where I stood. I never received a phone call from her. I called the call center at least 5 to 6 different times demanding to speak with a supervisor... No one would put me through to one. Everyone told me that they would need to enter a ticket for a call back and I would be contacted withint 24 to 48 hours! What!!! I was so upset... All I was looking for was answers... All I wanted was for someone to "own" my file so I did not have to speak with 7-8 different represetives who I had to repeat my story to 7-8 different times. Finally at 4:33 while speaking with a woman I was told that my fax was received, that a request to have the aution postponed was submitted once again and I was insured that I would be contacted by a supervisor that evening before closing. I waited all night... No one called.
February 15, 2010 - first thing in the morning I called maureen and left a message on her voicemail and then I called the call center... At which time I was informed that I would not be granted the postponment of the aution because I was denied for both the hope for homeowners and a traditional modification because I could not afford to pay the mortgage. I am sure you can imagine how upset I was/am. I tried to explain to the representive that all I am asking for is a couple of weeks to postpone the sale. That I have a 3rd round job interview this week that if I get the job would allow me to pay my mortgage and get me on my feet again. I asked why a supervisor never contacted me and they stated that their was a ticket still open for one to call and I told them it was unexceptable. I told the gentleman that I would not get off the phone until I was talked with a supervisor. The gentleman came back 3 times and told me that there was no one to speak with... But I told him I was not going to get off the phone... Finally they placed me with stacey. ([protected]) I explained to stacy what I had gone through over the last couple of days, I explained to her how many calls I had placed to maureen, I explained to her my sitution with my employeement and that all I needed was 2 weeks to find out if I got the job. All I was asking was for 2 weeks. The answer was no.
We truly feel that gmac has intentially deceved us for the following reason:
They knew that we might file chapter 13 bankruptcy which would immediatly hault any foreclosure or aution process.
We feel that they intentionally delayed our request to speak with a superior so we could not esculate the sitiation. We were adamant that my cell phone number be the only contact number and we also stated not to call the house number which is where maureen left the message.
We were never contacted to be notified that any of our packets were missing documents... The only time we found this out was when I called them to request an update. At which point we did receive a letter of missed items... But only after I had called them days prior and request what info was missing.
We believe that gmac knew all along that we did not quaify for either one of the plans but chose to tell us only hours before the deadline and on a federal/state holiday so we would not have access to the courts to save our home by way of filing the chapter 13 bankruptcy.
Ms. Slack - I know that at this time we can not afford the home. I am not nieve to that. All I am asking or was asking for was a delay in the aution...in order to see if I did get the job. 2-4 weeks tops! I am not sure why waiting another couple weeks would hurt them or their investors. (gnma) if I don't get the job... Then we move on. At least I know I had the option and can tell my children we tried.
In sept. 2009, I called gmac mortgage, I told them I would be a week late on my mortgage payment of 1330.49...
Executive customer relations P. O. Box 217062 Auburn hills, michigan [protected] Re: act no...
I had a deal with a private party to purchase my buick that wasn't paid off. We went to the purchasers credit union so gmac could get their payoff check and the purchaser could finance the auto for the balance owed. This was 12/08/2009. The c. U. Lady and I both talked to the gmac rep, she, to explain what we were doing and i, having my name taken off of the account. The check was sent, I gave the man the car a couple days later and I thought I was done with it. About 2 weeks later I started getting calls from gmac wanting my next payment. I always asked for my call to be monitored for quality assurance so there may be a record. I got calls that I addressed daily! I rationally explained the situation daily! A couple weeks went by and I went to this credit union to ask why I was getting these calls. C. U. Lady talked to someone and they agreed to stop payment on the payoff check and re-issue a new one. The c. U. Lady gave me the check that was made out to gmac for me to mail, which I promptly did! Wierd! During my daily calls from gmac, I explained what was going on. One day finally, a gmac person told me that yes, they recieved the check, to which I replied "yay!"! About 2 hours later another gmac person called me and said that the payoff amount was now about $170 more! So, at this point the vehicle is still in my name! The c. U. Let me know that what I need to do was to get with the purchaser of the vrhicle and meet at the c. U. And do the transaction all over again! And I am the one to pay the $170ish. Gmac is threatening my credit over this whole deal. I did nothing wrong! I sold the vehicle because I lost my job and can't afford it. Anyway... I called jimmy gray chevrolet, last week, where I bought the car and talked to their finance guy to sree if I needed to go in another direction. He said he'd tell his boss and he may or may not call me back. I called him again today and he never called me back! I was contactewd by the purchaser and he verified that i'm to go to the 1st south c. U. Friday and pay $170ish and the c. U. Will issue another check with the new payoff amount. I do not see where I owe any money! As far as I care, the deal was done on 12/08/09 and I was releived of any further dealing with all of these people! Now they are messing with my good credit! I'm hating the business right now! I will never finance a car again!!!
To put it nicely, gmac ’s customer service sucks!!! I have been locked out of my account on numerous occasions and the only explanation they can give me is “well it looks like you entered the correct information; however, we will have to reset your password…again”. Wtf? And don’t try calling unless you have about 2 hours of your life you feel like pissing away.
In june 09, we contacted gmac mortgage to apply for a loan modification. We submitted out required paperwork...
My mortgage payment is due on the 1st of each month. I received a several calls from GMAC's collections department several days after the 1st of the month telling me that they were going to take legal action against me for not making my payment on the 1st. I will openly admit that I have made my payments around the 1st through the 5th of the month (one payment on the 9th - OH NO!!), but I have NEVER missed one payment!! I'd like to know what type of legal action they really can do or is this some type of sick bullying?!? It is well known that a homeowner has until the 15th of the month to make their mortgage payment without any negative reporting. What kind of service is this? I'd hate to think what they do people that don't make their payments on time - come in with a SWAT team and kick you out in your underwear?
Despite more than 4 attempts now, gmac mortgage servicing refuses to provide an escrow analysis or provide a...
I am buying a car from sunrise chevorlet and I had the car since august 2007 I been paying on the car I was late on a couple of the payments over this summer I paid it up until september, when I was late on thoes payments I called and told them I was goning to pay it that next week that when I payed it up until september. Now I am off work until febuary 2009 but I just started to some income into my house hold. And I was about to send them a payment and they repoted my car. And another things is that they got me paying 343.15 a month on a chevy cobalt for nine years. I am going to be pay a little over 25, ooo dollar for a car that costed 13, 000 dollars for this car and I have goood credit they gave me a intrest of 11.9% I think something should be done about this. I even supposed to have the gm discount and they just gave me a 1, 000 dollar rebate. Which the discount from gm would have been better.
Gm customer service
Gm customer satisfaction
I am writing this to advise you of how disappointed I am in my recent purchase / lease of a 2010 camaro.
On or about oct. 29 2009 I had filled out multiple free on line quotes for a 2010 camaro.
Oct. 30 I had received a phone call from nate williams a sales man from miller chev. Asking about my recent inquiry.
I had informed nate that I had done my home work to purchase this type vehicle, I needed to put $10, 000.00 down to get a payment of $400.00 per month with 6.25 interest rate thru my bank, vt federal credit union worked out to $418. Ish per month. Based on a $35, 000.00 2ss
Nate replied if he could put me in that car for what I wanted to pay would I buy it, I said yes.
Made arrangements to go to miller on that saturday oct.31
So on that day my cousin and I went to miller.
After about 3 hrs nate and I had an agreement of $6, 000.00 down, $411.00 per month on a lease for 39 months and I could buy the car at the end of the lease for $18, 500.00
We shook hands I gave the dealer $1, 000.00 deposit and would return in about 1 week with $5000.00
On wednesday nov.4 I had left a message on nate's voice mail that I had the money in hand.
On thursday nov.5 I spook with nate and told him I had the $5, 000.00 and would be there to pick up the vehicle, nate replied everything was all set.
My cousin and I had arrived on friday nov. 6 the finance guy brings me into his office and says he couldn't do that deal because my credit score was to low.
So I reply oh no here it comes. He says no no this is what we will do, buy the vehicle $6, 000.00 down $574.00 per month. I refused, he says wait buy now don't pay for 45 day's and refinance in the spring. I told him that there wasn't any way I was leaving there with a payment like that forget it.
Then he says wait we will try the lease again, says worst case $455.00 per month $6, 000. Down buy the car at end of lease for residual value of $18, 230.00. This guy has me worried i'm not going to get the vehicle so I agree.
I take the vehicle home and 2 weeks later nov.19, I receive a call from nate says they had forgotten to collect $945.00 less a $15.00 error in the paper work, first month and security deposit, and also they needed to change a mistake on the fee for over mileage from 15 cents to 20 cents per mile.
I replied that wasn't the deal we had discussed. Nate replied that it had to be paid, I was quite ticked off, I could not talk about it and told nate I would call him another time on the issue.
That afternoon when I had gotten home from work I had called gm customer service, they told me that it was a lease matter.
I spoke to gmac they had told me that they had not received the contract yet and would have to honor what was on the contract.
So at this point I didn't really know what to do. I put in a call to the general manager at miller chev and left a voice mail stating there were some errors on the contract.
So on sat. Nov. 21, I put a call to nate, no answer leave voice mail stating maybe I need to give the vehicle back.
A couple hrs later I receive a call from a representative of the dealer, not sure who it was
So this guy says if I don't pay now it will show as default, also says sure I can give the vehicle back but will show as repossession.
So now I feel i'm stuck and agree he says drive down next week and he will wash and change oil plus fill the tank. This is a 1 and a half hr ride for me.
So I am still frustrated and upset don't want this car anymore its a big head ache. Nov. 24 09:50 I place a call to gm I don't want vehicle anymore, not happy with car, not happy the way it was handled. Get response that they cant do anything, I reply I want to talk to manager. Manager redirects my call to headquarters for the 60 day satisfaction guarantee, they will investigate and call me back.
Nov.25 miller chev calls and wants to absorb the $900. Plus and make it right.
I state I want to give the vehicle back and I had spoke with gm. This rep from miller replied the did not participate in that program and gm or some one had called miller.
Dec.1 I agree to miller to absorb $900 plus and they will send a driver with papers to sign. I inform that I get out of work at 16:00 and need to leave for home promptly.
At 15:40 no driver, I call they say we decided not to send because it is a 110 mile drive 1 way. They didn't even have the courtesy to call and let me know.
Dec.2 driver shows with new contract with old date (nov.6) and registration form to sign. I sign
Ok here's the kicker. Dec. 7 receive a call from miller saying the needed me to sign a paper that had been signed in the wrong place and want to send a driver, I agree
This driver shows up with another contract, another registration form and a bill of sale or something. I'm going over this contract and the residual value is different. I happen to read line 9 about my option to purchase at the end of lease for $20, 348.80. I call miller and spoke to david, he gives me a song and dance about they are loosing money on this car just so they can keep my payment at $455.00, not counting the $900 plus they had absorbed.
So they down right lied about me buying this car at residual from the beginning, they baited me and took advantage of my good nature and trust. I believed in what they had verbally told me. And by the way the 3rd contract still had the nov.6 date here it is dec.7 I signed contract but dated dec.7
They also told me they had sent the first contract to gmac a couple weeks after purchase, as of dec.2 gmac still had no record of this transaction. I had to send my first payment to ky. With the last 4 of my ssn and the vin #. I was afraid I would have been late on my first payment, not a very good start.
I believe if they were loosing money just to keep my payment as it is, they had no intention in leasing me this car at the original quote of $411.00 per month.
As far as the residual of $18, 230.00 to supposedly buy the vehicle at the end was to deceive me and I wouldn't find the truth for 36 months.
If I were to conduct myself in this manner at my job, I probably wouldn't have a job. I feel I was manipulated and deceived.
This is my first brand new car, let alone a muscle car I will keep untill I die at the tune of $40, 000.00. I grew up in the 70's, this was supposed to be a dream come true. That got ruined
This should have been one of the most exciting purchases for me to make, but no it's been frustrating, tiring and the most down right sucky experience I have ever encountered with a vehicle purchase. Also not to mention after the sale they don't return your phone calls unless they want something.
I bought a used 1998 monte carlo in 98 with 18, 000 miles, from handy chev.in saint albans vt. I have 240, 000 miles on it now, they had given me what they said they were going to. Best car I have ever had. I was a chevy guy my whole life. Now I guess maybe I should have bought a mustang or challenger.
To think I defended gm to volvo, audi, vw and others, to people that put down american auto's, buy american I say, that's the thanks I get. I get to tell these people about my experience. You know if you get a good deal somewhere, you tell people. If you get a bad deal you tell even more. This is an outrage, a complete lack of respect.
I bought a 2003 harley davidson in 2003, $21000.00 they to gave me what they had said, no surprises. I have kept a log on this experience so I would have back up. I will keep a copy of this in the camaro file I have.
I will probably send a copy of this to my congress man and higher up since not only my purchase dollars help you but my tax dollars as well.
Copy will go to better business burial, chamber of commerce, the state house, vt. And nh. White house. I will send this to the news papers in vt. Nh.
Thanks allot miles d sweeney vin# 2g1ft1ew1a9145312
I have been calling gmac for over a month at [protected]. The owner of the truck said the lien ha...
December 4, 2009
“GMAC SmartLease is taking advantage of innocent people”
Much to my surprise I’ve recently discovered that GMAC SmartLease has changed the way they treat their lease customers. Someone ought to hire a lawyer; this may even qualify for class action status. I can hardly wait to reveal their indiscretions but first let me explain why I feel that I am qualified to discuss this issue.
“Someone ought to hire a lawyer; this may even qualify for Class Action status.”
I have been involved in some capacity in the retail automobile business since 1964. I retired in 2007, so I can safely say that I have 43 years exposure to the car business. I have always been involved in the General Motors business. I have been a Salesperson, a Sales Manager, a Finance Manager, a General Sales Manager, a General Manager, and a Dealer/Owner. I feel that I have some idea of what I am talking about.
Now the Story……………
Since the 70’s I have arranged retail leases using GMAC as the leasing company. I have even leased several for my personal use. In each of my personal leases I have sold or traded my vehicle prior to the end of the lease. It was simple, I would call GMAC SmartLease and they would tell me the payoff. If the vehicle was worth more than I owed, I would sell it to a dealership (often my own) and they would pay me for my equity. Suddenly GMAC SmartLease has changed their program. What has changed is how GMAC SmartLease has decided to interpret the early termination language of their contract.
“If it was worth more than I owed, I would sell it to a dealer and they would pay me for my equity.”
Currently I am leasing a 2007 GMC Acadia. There are only a few payments remaining and the lease will be complete. When I called GMAC SmartLease to inquire as to the payoff, they gave me a figure that appears to be correct. (Residual value plus remaining unpaid payments less unearned interest.) The new change that GMAC SmartLease has incorporated into their business plan is that if anyone other than me were to pay this lease off, GMAC SmartLease wants them to pay approximately $5000.00 more than my payoff. This means that if I were to drive into a GM dealership (or any dealership GM or Non-GM) and work out a new lease or purchase, using my Acadia as a trade in, there would be a $5000 penalty assessed against me for me trading early. I consider myself lucky because I understand that this is really a GRAB on the part of GMAC SmartLease. I am able to protect my self in this situation but I wonder how many unsuspecting people have allowed this sort of thing happen to them. I bet that during the past several months or years there have been hundreds if not thousands of GMAC SmartLease customers who have been taken advantage of. This can not be a good thing.
“There would be a $5000 penalty for trading early”
I wonder if GMAC SmartLease realizes that they are compromising future business. Why would anyone want to ever do business with a company that evokes arbitrary practices designed to take advantage of the public. I like GM vehicles; I did have Cadillac at the top of my list of new cars to consider. However, now I wonder if I can ever force myself to drive a GM vehicle again.
Is this a good long term business practice? Will GM survive with their financial arm attempting to take unfair advantage of customers? A very smart man who coached and trained me in the early years of my career taught me the following:
1) Is it the TRUTH?
2) Is it FAIR to all concerned?
3) Will it build GOODWILL and BETTER FRIENDSHIPS?
4) Will it be BENEFICIAL to all concerned?
I think not.
If you want to know more about this issue feel free to call or e-mail, my contact information is:
Been with GM for 15+years. We needed to extend our lease. Called GMAC to see what was entailed. Seemed simple. They would send us lease extension paperwork in the mail, sign and return with a check. The extension payment by the way was $60 more than my original payment. 10 days and nothing. Call, no record of anything in their computer. They will send the paperwork. 7 more days and still nothing. Call yet again expressing our concern over negative reporting to credit bureaus and that we are tired of chasing them to give them their money! 6 more days go by and still nothing. Ordering a new GM vehicle. The Manager of the dealership requests a fax of lease extension paperwork directly to his office as well as a buyout amount of my original lease. They cannot give him any information about my lease without a mileage and inspection report AND the signing of the lease extension and payment. Mind you now I am 23 days into my first lease extension and need a second lease extensionwhile waiting for the delivery of my new vehicle. GMAC informs us that they cannot send a fax now that they need 48 hours! They cannot send the second extension paperwork until the first is signed and returned with payment! 4 more days, and the dealership finally gets the fax! We drive there to sign the paperwork and write them a check. Request the second extension and again they need 48 hours. 16 days later we finally get the fax and write them another check. Oops the dealership forgot to have us sign the paperwork, and they cannot process it. They harass us on a Saturday about signing. When we return the call to the number left on our machine, it turns out they are not even open Saturday.(after Thanksgiving) I had $1500 in bonus cash on my GM card towards my new vehicle and they limited me to $1000, so the original payment was increased by $15 per month. Wrote a check for $500 to pay the difference to keep the payment at our agreed amount. Bought the new Gm car signed all the paperwork INCLUDING the lease turn in paper for my original lease. Today, Got a letter FED X delivery. Dated november 28 ( A Saturday) stating that they were expecting my lease to be returned on October 27th. Apparently they didn't process the second lease extension although my check was cashed in a New York minute! They are going to use any action that the law allows to to take posession of the vehicle at our cost! What a [censored]ing joke! It is sitting at the dealer lot where we just bought another $40, 000 GM car! Mabey if they kept their customer service department in AMERICA they would be able to provide the proper customer service. This is the LAST GM vehicle we will be buying! By the way we were so pissed we wanted to pay off my husbands truck loan with GMAC. When we called for the payoff, they said it would take the magic 48 hours, but that if we wanted them to calculate it manually it would only take 2 hours! NO wonder they went BANKRUPT. I believe they will be back to square one before you know it with this kind of business practice!!
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.
paid off my loan online and not with certified check. called next day to informed them, i was paying my...
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