A few weeks ago, I inquired at several banks and Credit Unions about re-financing an auto loan and was told by the Credit Union, they could possibly offer a 4.5% interest rate. Knowing this was a great interest rate, I got all the information I needed to get from the bank and the appropriate applications I could fill out at home. Then, I arranged to be off at work yesterday so I could take all the time I needed at the bank.
On 5/12/08, I called AmeriCredit and spoke with a representative who was very nice. I explained what I needed (A copy of the front and back of the title and the payoff quote). I then asked what their procedure was and what other things I needed to get ready before I went to the bank. The representative (whose name I was sure to write down) told me that all I had to do was call AmeriCredit when I was at the bank and assured me that they could and would fax all of that information at the time.
It was about 3:30pm when I got to the bank which closed at 6:00 pm. (I was ready to be there in the am but that's another story). I had everything I needed and had asked the AmeriCredit rep for his direct line which he willingly gave me. About 5:15pm, we're done at the bank ready to close on the loan; we just needed to call AmeriCredit. We call to find there is no way for us to get in touch with the rep because it is an inbound call center so calls can't be transferred. However, another rep faxes us the information we requested. We get the payoff quote and an image copy of the front of the title.
We call back to request the back of the title and told that it takes 48 hours. So I speak with a supervisor to find that this is the case and that the original rep mislead me in the information I requested including the ability to contact him directly.
After speaking with the loan officer, she tells us that many times it does take 48 hours. This was the reason I had called on Monday, I could have that information faxed to me by Thursday at the latest. The supervisor was understanding and apologetic but told me there was nothing she could do because their records room where the titles are kept is closed but would put a high priority on my account. I did everything I could to have everything ready and by the time I got out of the bank (6:15pm), I was unable to have the loan closed. Hopefully,the fax will be there Monday. There will be an update to this review.
REVIEW UPDATE: On 5/21/08, I went to the bank to see if the loan officer had gotten the papers as promised from the loan company. She did not. I then called AmeriCredit back, explained the situation and what was needed. After verifying the account number, I was placed on hold. It felt so long that I checked the time on my phone (over 11 minutes.) Remember, all I am asking for is a fax I was promised on Friday to be in 48 hours from then which should have actually been Tuesday afternoon (if you include business hours).
I decide to hang up and call up. I immediately ask to speak to a supervisor. After verifying my account # and address, I am transferred to someone that is not a supervisor. Then, as I am starting to repeat my request we are disconnected. Okay, that happens. I call back a third time and this time they ask for my phone # for verification. A little frustrated by now, I give them my full address as well and now ask to be transferred to a supervisor.
Ten minutes later, a supervisor picks up. The same one I spoke to on the previous Friday and she remembered me. She then proceeded to tell me that they faxed us the information the past Friday. I told her yes, they faxed the wrong information and she was supposed to fax the correct information. Now, all of sudden, they forgot to do this.
Of course, by this time I am quite frustrated and tell her that I need the information faxed today (5/21/08) and until she tells me that she herself is faxing the information, I am not going to hang up with her nor is she going to string me along for another 48 hours. She then puts me hold of all things to speak with her supervisor. Another ten some odd minutes later, she comes back on the phone to tell me that they pulled up my records and they are now faxing it. It took 5 people and almost 40 minutes just to fax something that should have already been faxed!
Tomorrow will make 2 weeks since I first called the loan company and they told me I would immediately receive the information while I was at the bank. It has now been one week since I've been to the bank to be told it would take 48 hours. It's been an entire day since I called back and was told they would put urgent on my request and the fax has yet to be received. If it takes any longer, the payoff quote will change which will require other paperwork and more headache.
On the upside, the credit union has been wonderful through all of this and very helpful. I can't wait until my loan is through them. There have been several people on here who have commented that the credit union is the best way to go and so far they seem to be right.
So the welfare has been received, General Motors are pumping themselves up and realizing they need the poor to continue the bail out. Let me explain, recently GM announced it will now have a relationship with a Americredit that has been in the business of offering non prime and subprime auto loans. Unfortunately, these loans must be offered because one must ask himself who else will General Motors and Americredit prey upon, surely not the wealthy, No the desperate!
Let me give an example of this. I purchased a GM car. It fell apart. A 1996 Lumina, a real piece of junk, the manifold wore thin and dumped water in the crank case, right at 36000 miles. Notice the mileage, this is when the dealer warranty expires, Unknowingly, my credit was run through 15 different banks, now I have 15 inquiries killing my credit score and forcing me into that vehicle. Guess the only people that will finance the car is Americredit, who by the way can no longer make loans in California because illegal lending practices. The interest rate is like 24.99% percent. So I have an outrageous payment of $430 per MO.
And Americredit Knows exactly what they are doing. General motors also is now going to continue making subprime loans on someone who has decent credit. So I make all payments on time, all but three payments, because the accounting practices at Americredit because you to get behind on your payments claiming they don't get to their p.o. box but on fixed dates.
I finally traded the car in blowing smoke out the kazoo because the cost to fix the Lemon was well over $2200.00 dollars. And even after the Americredit loan is paid in full. Account closed and paid those three lates on my credit report are reported 16/30 day lates one month 5/30 day lates another month then 6/30 day lates again and again all the while this account is showed paid and closed. I contact the credit reporting agencies and to my surprise they start the blame game claiming one or the other are reporting it incorrectly.
The whole experience with general Motors and Americredit turned into the worst decision I ever made, So Please Beware who you do business with. Surely steer clear of the Welfare recipients and their thugs who are out to jam you and your family up. See General Motors and Americredit have these people called CEOs who are in contact with their congressional friends making back door deals attempting to fleece you out of your good credit standing and your hard earned money. Thanks for listening. I hope my story makes you think about your next.
CHARLOTTE, NORTH CAROLINA -- I have had nothing but bad come of my loan with Americredit. I accepted a loan with them through my dealership in August of 2005. From the very beginning when I called them to verify that after some time I would be able to refinance at a lower interest rate with them, they have been nothing but deceitful liars.
I paid on time for the first year and a half until I had trouble with identity theft and got behind in my payments. At that time, they did push 2 payments to the back of the loan and again when I went through cancer over a year ago, they pushed another 2 payments to the back end of the loan (that was fine, but it was at my suggestion, with a supervisor and not because they wanted to be nice).
After I transferred with my job from Maryland to Florida, I called Americredit to make a phone payment because my PC was not up and running and my mail had not been forwarded. When I got the customer service rep on the line, she was snitty with me and informed me I was 45 days over due. I advised that was the reason I was calling them to inform them of my new permanent address and to make a payment. I explained that I wouldn't have called if I were trying to run away and avoid paying the payments. I made the payment, but had to pay a ridiculous $10.00 fee which I believe Americredit is getting a kickback on from Western Union.
To make things worse, about a month ago I called to make a payment arrangement for my account. I already had 2 payment arrangements in their system and was told a 3rd could not be added until the first was paid. So on the 1st and 8th of June payments of $228.00 and $200.00 were taken out of my checking account as arranged.
On Friday, June 20th I called to verify the third payment was not in the system and was told by customer service agent ** that there was no automated payment in the system for June 23rd. She asked me what I wanted to do. I explained I was waiting for a check to clear my bank and I would make the payment through my home PC on Tuesday night. I forgot about the payment on Tuesday, as I threw my back out and went straight to bed after work Tuesday evening.
I went through the drive through at my bank yesterday and had a deficit to my account in the amount of -$68.00. I checked online with my bank and Americredit not only took out a payment after they told me there wasn't a pre-arrangement in the system, but they took an additional $90.00 out. I called Americredit and they see where I spoke with ** on Friday but refuse to refund my money.
So now my storage fee check is going to bounce, I am going to have 2 additional NSF check fees with the bank, and I have no gas money ($80.00) to get me to work next week. I am going to the bank at lunch to sign paper work for an unauthorized withdrawal and see if the bank can help me in any way. Stay clear from Americredit, they are glorified loan sharks. PS... they don't refinance their own loans. Just another lie I was told before I signed on the dotted line.
ARLINGTON, TEXAS -- To begin, I purchased my vehicle in May 2003 through one creditor. Well, they went out of business, in which, another creditor took over the contract. Finally, 2008 comes along and the loan matures, but for some odd reason, we still owe a balloon payment of $7,600 and change. That is half of what the car is worth. My wife and I called this company repeatedly, just asking for a history of payments. We got lies after lies, upon lies, on how they could not pull up this information. Matter of fact, they have been absolutely incredible rude to my wife and I.
My car went to collections, we asked if they could pull something about our payment history and what not, they couldn't. This company did not take charge, and resorted to sending back the collections. That is funny. Just recently, I got in contact with them, yes, they want their money; however, when I asked about why the collection company sent back the bill, the creditor said they could not get a hold of us. Funny isn't it? Sounds like a legal matter to me. Where's my attorney/lawyer?
TEXAS -- I had a vehicle with this stupid place and lost my job in Jan 2009. I tried making & keeping up with my payments as much as I could. Unfortunately, I couldn't keep up - called to make arrangements and they didn't want to help me and it's ridiculous. I got behind and all of a sudden one night they show up and take my vehicle (last Tuesday) and I call the next day because the lady that came to my house when the vehicle was taken said I could call these ** and make payment arrangements and get my vehicle back.
I call the jerk offs and am told I need $2058 to get the vehicle back - that's for past due balance, legal fees, repo fees, & late fees and then they said I'd also have to pay separate storage fees when I pick the stupid POS up from the repo company. Today I get a letter from the dumb ** that says this letter is to inform you we have repossessed your vehicle - really, you did? I hadn't noticed I didn't have anything to drive anymore!!!!!
Now they want $8721 dollars for a piece of junk vehicle that has tons of problems and wasn't even close to that amount when purchased. Well, here's to you AmeriCredit & I hope you come on here and read these - You can shove this van up your you know what!!!
I am buying a vehicle from a private seller - someone who isn't going to rip me off as bad as you have - and then I'm filing bankruptcy so you can shove the delinquency (difference in selling price and balance) up your holes. You all suck and you are inhuman. I hope one day you are in the same predicament that you have placed many of us in and there's nobody there to help you!!!
ARLINGTON, TEXAS -- I don't know where to start, Got this gas guzzler in 2006 and it has been a burden on my back every since. Fell behind in payments in May of last year and after making a payment arrangement for a late payment a get visitor at home with the vehicle already on the tow truck, now mind you I live in MD and they used a collection agent which was in PA (a lot of sense that makes) who in turn repossessed the truck and towed it over 100 miles from where I live.
OK after much debate and borrowing I came up with the $2272 to get the vehicle back. Got a ride to pick it up and now a little over a year later after losing my job and sinking every penny I'm making at a part time job into keeping the truck and paying the $616 a month note, they call me and say no more deferments (which by the way added another year onto the note). The loan is not worth them keeping it open. By now I find out after paying $616 a month for over 4 yrs I still owe well over $20,000 on this gas monster! Are you serious?
So these SOB's arrange to pick the truck up on Thanksgiving Day!!! Are you kidding me? So I talked them into picking it up on the Saturday after the holiday and what do they do? Use the sleaziest towing company in Baltimore City as a towing agent, and sneak in on Friday morning and drag the vehicle away with my tags still on the truck, and then want to charge me $100 to get the tags off the truck!!! Not Happening!!!
Dealing with these people has been a nightmare the last 4 yrs, there has to be something that we the consumer can do to protect ourselves. I know they are coming after me for the 23,480 that they say I owe now after repo. Any advice or help would be greatly appreciated. I'm at wit's end.
Have just found out today via a credit report that Americredit has failed to credit 2 years of payments to my vehicle and is attempting to re-possess it! We've had a nightmare of a time with this company: The initial payment was meant to be $19k, but they accidentally put it in for $22k.... We noticed when reviewing the vehicle information that ours was not "the black special edition with the sunroof" and they promptly agreed to change the balance amount to $19k. Not a great start, but seemed like an easily remedied mistake.
We set up automatic payments to be debited from our chequing account and for 4 months there were no problems... Then all of a sudden, payments were deducted on random days, instead of the agreed upon date. Sometimes it would be right before payday, resulting in NSF fees we had to pay. So, after multiple phone calls and their assurance it wouldn't happen again, we decided we would Western Union the money to be sure it was going in at the correct time.
All we had to do was phone them with a confirmation # to show the payment was made. No problem, right? That's what we thought. A credit report my husband had run today shows that we owe $22k had haven't made a single payment in over 2 years. How is that even possible??? If a payment was a day late we got urgent telephone calls! Yet there is no record of payment on our credit report AT ALL. As a result, the account has been flagged as "written off" and the Jeep is to be repossessed.
Both my husband and I have taken huge hits on our credit scores, and will soon have no vehicle to show for it, let alone the 2 years of payments we faithfully made. Apparently, it takes a lot to have this status removed from your credit history, but we'll try; it appears it's been in this status for a year, but NOBODY TOLD US. The usually insistent and borderline harassing Americredit hasn't said ANYTHING about missing 2 years of payments!!!
We have all of our receipts, but if they insist they haven't made a mistake, we are out $14,000, a Jeep and our credit, which will take us years to get back to a robust status. No matter how badly you need a vehicle AVOID AMERICREDIT!!!! Get a bike if you have to. This company has ruined the next 4 years of my life.
801 CHERRY STREET, SUITE 3500, TEXAS -- This company financing practices must be stopped. So many people like myself were told by the dealer (Lincoln Mercury in my case) upon the purchase of a car that you sign for this 19% interest rate loan and after 1 year you can refinance. First big mistake!!!
Buyers please be aware, that you will be stuck with that automobile until it is paid for. My payment is 430.00 a month and over $3,000.00 of the my money paid for one year was interest only. Only $1,700.00 went toward the principle. There are so many hidden charges with this company. I can't see this being fair business practices.
Once this happens to the right person then there is no help for people like me that are being robed legally. God did not mean for us to be taken advantage of like this but we must learn from our mistakes. If I could suit the dealer that lead me in this direction I would, unfortunately they are out of business. I've have several automobiles financed and some with higher interest rates but never in a situation like this. I'm over $6,000 dollar upside down and this has never ever happen to me before.
There should not be anymore signed contracts until a representative from these companies make it clear what you are getting yourself in before you sign the dotted line. Some of us would be in a better financial status if there were not financial institution like Americredit setting you up for the kill. I'm believing God for an answer. My credit is pretty good but I can't get anyone to touch this loan because of the value of the car and what the payoff is. Buyer Please BEWARE!!!
ARLINGTON, TEXAS -- On 12/31/2009, I received a 1099C from Americredit. This company reported the loss to the IRS for $13,376.89. I reported this amount to the IRS as an income in 2009 income tax. Since then, I understood that the debt is already cancelled.
On 2/24/2011, I called the Americredit customer services and the operator said that the is debt paid off. I requested to get my car title without lien. She transferred me the Title Department. I spoke to an Americredit agent (name omitted). He requested the car title and he claimed that I still owing to Americredit the amount of money indicated above. He denied my requested again and again.
After long discussion over the phone. He was asking for $14,000 Dollars, later he reduced the amount to 10,000 dollars and finally he spoke to his supervisor and we agreed and settle the debt for $7,700 dollars. I rushed and sent the 7,700 through western Union in order to obtain my car title on 2/24/2011.
On 2/26/2011 Americredit agent said over the phone that he will not send the title until the entire amount be paid off. Americredit is lying too, fooling me and demonstrating a severe lack respect for its customer. The customer services agents are awful, no regard for customer and abusive.
WILLIAMSVILLE, NEW YORK -- I leased a 2008 Kia Sorento from Americredit and until the end of the lease I had no problems with the company. It was when I went to return it the fun began. They sent out a company called datascan to inspect the vehicle before I could take it back to the dealership. This company is horrible to deal with too but the real problem is Americredit. I received a statement via e-mail that they were not only expecting me to pay a $300 end of lease fee which I have no problem with but excessive wear and tear charges to the vehicle which is crazy!
I seriously dare anyone to return their vehicle without any scratches to the car. If you park in any parking lot ever you will eventually have scratches on the car. They want to charge me for an oil change which I still have like 1500 miles left to go before that is to occur. All bogus charges and normal wear and tear to the vehicle. The company just wants to punish consumers for not buying the car and take as much money as possible from them. I know that they are not going to do any of the "repairs" to the car because they told me the car is going to go to auction.
Insane, I have called to complain to them and the BBB and even filed a complaint with Kia itself. Do not do business with this company ever they will take you for an arm and leg and whatever else they think they can get from you!