BELLEVUE, WASHINGTON -- I decided to buy a new motorcycle and the dealer arranged the financing through American General Financial Services. I had a blemish on my credit and could not get premium financing and decided this was a way to rebuild my credit at a cost of about $50 per month over good bank financing. I applied for and was granted a loan for $7500. The motorcycle cost $10,000 and I was prepared to put down the difference. No problem. While sitting in the parking lot for American General, I called my own bank who financed both my cars and worked out a much better plan.
If I put $8,000 into a CD they would loan me $8,000 for only 3% over prime. Over a 48-month period I would earn more money on the CD than the finance charges on the loan. I left American General hanging and drove straight to my bank and did the deal. When they called to ask if I was still coming, I told the representative 'NO' and explained the deal I got at the bank. He admitted he could not match the deal and I thought OK, game over.
Then I got a denial letter from American General saying I was 'DENIED' the loan due to information on my credit report which was not true. I called the Branch Manager in Bellevue, Washington and she would not return my calls so I filed a complaint with the State Attorney General followed by a letter to the Branch Manager advising them of my action. Finally a few days later some other guy called claiming to be the REAL manager and said he was sorry for the confusion. He said no report was filed with the credit bureau and the denial was just internal. Yeah sure!
The end result was my State Attorney General forwarded my complaint to **, the American General Assistant General Counsel, who replied saying they were in their right to file a denial report since I applied for a $10,000 loan (not true) and they could not grant that loan amount due to my credit report (also not true).
Basically they twisted the facts to suit themselves, blathered on about their compliance with the Equal Credit Opportunity Act to justify their 'denial' of credit when in fact it was I who denied them and I think they just got pissed off about it. I suggest if you are ever in this situation go to the creditor and get a copy of your complete file, get a letter from them at that time stating they will NOT file a denial of credit with the credit bureau and that your application was closed due to your choice not to proceed.
ILLINOIS -- I have recently been questioning our mortgage company and its lending practices. We were first time home buyers and went to a finance company where we had done small loans with before. We trusted these people but now I am really wondering about things. We received just one document at closing, which was an open-end mortgage. We had to meet with the manager on a Saturday, and we were rushed through the signing. Basically it was a sign here, initial there, we will take care of the rest the next week. Well, I finally after 7 years got most of the documents from our loan. We have been requesting this information for the last 2 years.
We have now found out it was a HELOC mortgage. We finally received a good faith estimate, which they also call their settlement statement, basically a range of what we were supposedly charged. Our interest rate is 15%, which was not what we were told in the beginning, but we paid points to have it brought down. We have a pre-payment penalty, a balloon payment in 2016, and a mandatory arbitration clause. There was not a 3 day right to cancel, a truth in lending statement.
We bought a modular home which cost $41,898.00 now we find out the HELOC states our initial line of credit was $49,941 and the initial advance was $47,178.88. So where did the approx. $6000.00 go? We have made payments for the last 7 years and I requested a payoff statement as of December 2008 and it was 50,521.68 with a per diem interest 15.90. We were also charged for a single premium insurance at the cost of $1160.00 which we were unaware of. I'm not sure if any of this makes any sense to anyone, because I am having a hard time understanding it myself.
We were very naive buyers, but we really felt secure with borrowing from this company, and expected them to be open and honest with us. We had not questioned any of this before, but my husband became very ill a couple of years ago, and we were told we had disability insurance, which is a whole other story that I won't go into. My husband became disabled and we waited 18 months on SSDI but got behind one payment during his illness.
When I try to talk to the branch manager about any of this she threatens foreclosure, which she tells me, they can make us move out immediately. I have been trying to read some info on the net about HELOC's and open-end mortgages, but I am starting to get more confused, the more I read. Am looking for anyone else's input if at all possible. Thanks.
MARTINSBURG, WEST VIRGINIA -- I decided in 2005 that I needed money for Christmas and American General seemed to give me what I needed. I was very satisfied in the beginning with them until I went to pay off my first loan. I had only been with them a little over 8 months when I paid them off and then I needed another loan. I went to purchase a vehicle with the proceeds from refinancing my home and American General told me that they would give me back the money in a loan. I used every penny I had in the bank (11,000) to buy this car on a Saturday because they were closed. When I went to their office on that following Monday they told me that I could only get 6,500 dollars.
I was very upset but evidently did not learn my lesson. I sold the vehicle and did a payoff from CarMax. They told me that I would still have a balance of around 700 dollars I would owe and that was fine. I asked them since I just paid off 8,500 dollars by selling the car, that they could let me borrow on a personal loan about 3,000 dollars (including the 700 balance from old loan). What I was told was NO PROBLEM!!! Then when they received the payoff from the other company they told me that they were sorry, they could only refinance the balance owed and that my interest rate would go up if I refinanced almost 10%!!! What a ripoff.
I don't recommend these people to anyone and I hope you think twice about going to them for a loan. I got burnt twice but I can bet you it won't happen again. Remember this is the location in Martinsburg, WV. I don't think it matters where they are though. The corp. office did nothing to solve my problem. They said that it was up to the District Manager to make the call.
I was never late on a payment because I had direct debit out of my checking account. I was told that I had the lowest possible rate because I was a valued customer. But you won't give me another loan because my credit score dropped because I purchased a new vehicle and they had inquiries on my credit report? And by the way, a flawless credit report at that with NO derogatories on there. Please consider this before you go to them for your financial needs.
DELAWARE, OHIO -- In 2006 we got a loan to fix our windows for $2,500 plus financing it was going to cost us $3,748. Well a couple months later we hit a bind and they offered to loan us another $500. Turned out what I thought was just an extension to our loan was in fact our 1st loan paid off and then they rewrote a new loan including the extra $500. That stupid $500 just cost us 1 more year and the loan is now for $5,900. How the hell this loan just doubled? I can't get these loan sharks to admit to but I'm determined to let anyone and everyone know that they are just as bad if not worse than any loan shark out there and they did this legally.
It was my fault I sat and listened to them as they said they would just "amend" the contract when in fact they had me paying back twice more than I borrowed. I filed a BBB complaint and they have a neg report on them but I don't think that they care. Stay clear of these people they will take you to the poor farm and will keep trying to sell you snake oil. Research if you don't believe me but I have proof they have ripped me off and they won't even send statements of receipt of payment because I paid extra and I paid monthly and they still have me behind on payments. Wish me luck in fighting these jerks!
GREENSBURG, INDIANA -- I recently contacted American General Finance on behalf of my son. He had asked me to help him out with a payment. I contacted them at the Greensburg, Indiana office and informed them I wished to make a payment. They said they would not give me any information on their account, but then told me that 473 dollars would bring the loan current. I offered to pay it with a credit card. They refused. Most places take credit cards these days. I then offered to pay them with a check that I would mail today.
The manager of the office said the payment had to be in their office by Friday which it probably would not be if I mailed it. The man was not very customer oriented so I asked for his bosses name and number and called him. He was even less customer oriented. I would say that he probably costs the company a lot of money as his attitude belonged with Satan and not the angels.
To make a long story short, they said they would proceed with litigation against my son. When a company cannot wait one more day for a check to bring a loan current, it is time to stop doing business with them. This company is a perfect example of what is wrong with our country, and why we are losing ground so fast. Their terrorist tactics are inexcusable.
COUNCIL BLUFFS, IOWA -- American General reviewed our credit report and suggested that we apply for a loan to refinance our home, consolidate some bills, and do some home improvement. We followed the requirements of supplying the proper paperwork and such. We were contacted a few times asking for different information. Each time we were told that the loan looked good. On 8/23/10, we received a phone call stating that our loan was OK'd and they needed some information about the bank that had our mortgage.
When I called them back with the information they required, I specifically asked them if the loan was passed for sure and could we contact some companies about estimates on the home improvement. They said, "Absolutely". We contacted some companies and set up appointments. We also told a couple of our friends about our plans. On 8/24/10, we received a call stating that the loan was refused because of something that they saw on the credit report. This item that they mentioned has been on the credit report for 8 months. They should have seen it when they originally checked the credit report.
Also, I might mention that our house which they would have had for collateral on the loan is worth much, much more than what the loan would have been for. I feel that we were the victims of unfair business practices. I suggest you don't deal with American General unless you want the rug jerked out from under you.
I must admit that I have to withdraw my complaint posted on 8/25/10. It was all due to a large misunderstanding. I had sent a letter to American General Financial containing the information I posted on this site. I received a phone call from the Regional Manager today stating that this was all a major misunderstanding and that application would revert back to its original status and the loan would be approved. The whole incident happened because of miscommunication between the home office and the local office. In speaking with the main office and the local office, everything has been settled to our satisfaction and we are now very happy with American General. Thank you American General. Donald G. Powers
LAS CRUCES, NEW MEXICO -- I applied for a personal loan through Money Now USA which states they work with numerous lenders. I actually have tried a few times to see and it always refers to American General Financial Services (member of AIG). I filled out the application and was emailed that it was accepted and I would be contacted in less than one business day. I noticed through a credit monitoring service I use that my credit rating was verified immediately. Two business days later, no call. I decided to call them where they questioned me on the same things contained in my initial application.
They took almost an hour of my time, only to offer me a loan of about 15% of what I asked for and at 35.99% interest. The manager was rude and condescending, unprofessional, and even actually called me again after I turned them down on their ridiculous offer. They are a branch office in Las Cruces, NM. I have tried repeatedly to contact their corporate customer service with no luck at all. They never answer, much less return calls.
Now get this, AIG is getting billions of our tax dollars for a "bailout" and their financial services group does this kind of stuff to American taxpayers! WOW!!! I am not ashamed to say I have a score of 668, had a work accident and it shot everything. Still not bad, great pay history over last few years. And everything I have credit wise is under 11.99%. Way to go with the tax dollars and the Presidential order to start lending money! Let's see how my Congressman handles this.
MOUNT VERNON, WASHINGTON -- This company actually has an address of 1616 N 18th St Ste 120 Mount Vernon, WA 98273-2699. Phone number 360 424-7081. When we initially made the loan I made an early payment, every payment was always before the due date and I always paid more than the amount of the required payment. Two times they took every penny for interest. I would have thought that at least the amount made over the payment would have gone to the balance, if only $4! So they tried to explain that because my early payment was so early that the even though the next payment was still early the interest charged all meant that everything I paid them went to interest.
OK, I let that slide. Now here it is several years later and AGAIN I paid $500 instead of the $416.68 that my payment should be and they took out $425.42 in interest! The thing that gets me upset is that how can they take out in interest an amount greater than the payment I was supposed to pay especially when I have always paid more than the required amount!
ST. LOUIS,, MISSOURI -- American General has been harassing me for payment due. I have overpaid them. Their accounting practices are a joke. Also, their payment memos never let you know how much of your loan you have paid down. You have to be careful, it is REALLY easy to overpay.