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Contracts/Money Owed
Posted by TAEK04 on 07/27/2010
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?

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Posted by Venice09 on 2010-07-27:
Do you have a record of your payment history?
Posted by TAEK04 on 2010-07-29:
Yes, I have payment history from this creditor. Am trying to get all records from banks of payments made.
Posted by Venice09 on 2010-07-29:
If you have proof of all your payments, you should be able to get this straightened out even if it takes some time.

Nice picture!
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Americredit & GM team up to Fleece the poor
Posted by My66charger on 07/23/2010
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 explaine, recently GM announced it will now have a relationship with a ” Americredit” that has been in the bussiness of offering non prime and subprime auto loans. Unfortunatley, these loans must be offered because one must ask himself. who else will General Motors and Americredit prey upon, surly 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 ran 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 illeagal lending practices, The interest rate is like 24.99 % percent. So I have an outrageous payment of $430 per MO. And Americredit Know's exactly what they are doing. General motors also is now going to continue making subprime loans on somone who has decent credit. So I make all payments on time, all but three payments, because the accounting practices at Americredit cause 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 payed in full. Account closed and payed 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 payed 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 inccorectly. 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 jamm you and your family up. See General Motors and Americredit have these people called CEO’s 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
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Posted by habanero98765 on 2010-07-23:
You would think a 1996 lumina would oh be worth $430 total. I imagine there is a lot more to this story.
Posted by Skye on 2010-07-23:
General Motors repaid their bailout money already, and repaid it back 5 years early.
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Posted by Kayavee on 03/22/2010
TEXAS -- I too was told by the dealership that after 6 months I could refinance the ridiculously high 18% interest rate. Well that didn't happen even after paying on time for a year. These dealerships lie to you & americredit rapes you with the interest! My loan was for $20,000 & change, in 2 years I've paid them over $13,000 & they still want $18,000 from me. I have someone willing to pay the loan off for me because I'm out of work for the last 9 months & can no longer afford it but americredit was not willing to work out a settlement. They want there $18,000 & that's it! All they want to do is continue to charge me late fees because I'm having trouble paying on time now with out a job & they could care less. I can't afford the payments much less the late fees they're charging. They could care less & where not willing to work something out. $20,000 loan, payed over $13,000 in a little over 2 years & they still want $18,000 for the pay off, do the math. They are theives, crooks & thats putting it nicely. Stay away from this greedy company. Do not get a loan with them!
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Posted by Anonymous on 2010-03-22:
I think the refinancing option is still dependent on your current credit score. Go to a local bank or credit union to see if they can refinance the loan. It's worth a shot.
Posted by memoryx57 on 2010-03-22:
I'm going to go out on a limb here and assume that you're young and have never applied for a car loan before. This is based on the fact that you have a car loan at 18% interest rate. Banks and loan companies are going to get their interest on the front end of the loan and the principle last. This is why you will still owe a huge balance after paying for a couple of years. This is basically a guarantee that they'll get their money back. Not sure what you can do at this point other than having someone pay it off for you and then you repaying them. In the future when a dealer tells you that you can refinance a loan later on...you need to run as fast as you can. First off, they have no idea what you can and can't do later on. So yes, they are less than truthful. They're trying to sell a car and don't give a fat rats behind about you. Lastly, NEVER sign anything unless you have a complete understanding of what you're signing and DO NOT take somebody's word at face value. Do your own research and ask questions.
Good luck getting a handle on this. I know it's stressful.
Posted by Anonymous on 2010-03-22:
Well, in defense of the dealer, they do not know your credit situation. They can only tell you what applies to good credit. I can see where they would not mention 'only if your credit is good' to a possible buyer. One it can be taken as insulting, and two, they are not credit extenders.

Now, you have a high interest rate which says that you either have no credit, little credit or bad credit. Refinancing still depends on your credit score. If you are missing or paying late, then this shows. Perhaps your car was a bit out of your budget to start with.

Posted by CUFlipSide on 2010-03-22:
The other missing piece of the story is, how long was the car financed for? If the OP took out a 6 or 7 year loan at 18%, then it wouldn't surprise me a bit that $18k is still owed on the loan. Why would they work out a settlement? They want what OP signed for. A voluntary repossession would probably be the best way out of this mess.
Posted by kayavee on 2010-03-23:
I had 3 car loans before this one & always paid on time. I even paid 2 of them off before the loan was up. The one before this one was a lease & i was paying 2% interest. Dont understand why im paying 18% now. This happened when the Gov was bailing out these big companies & banks & when i went to refinance i was told unless I had PERFECT credit they wherent giving out loans.
Posted by granny50 on 2010-10-24:
exact same deal happened to me, after paying 636.00 a month for 3 years on a 28000.00 laon, the balance owed is still 25000.00 due to all their added fees and interest. The original loan was with Huntington Bank and Americredit somehow took it over, needless to say it's a rip-off. My credit union offered to pay off the loan according to high end of blue book value, Americredit refused to even consider working with me on this debt. I had Americredit repo the vehicle and now wait to see what happens next. Times are hard in Northern Michigan as I am sure they are all over the U.S. I wasn't looking for a free ride, but I know when I'm being screwed over and Americredit is very good at doing that. The dealership where I purchased this Kia from is no better and numerous class action suits are in place for both.
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Posted by Marybetty on 11/14/2009
Has anyone out there had insurance problems with americredit? I have. I had more insurance than CA law requires the whole time I was making payments and now a year and a half after the car was paid off they are calling and threatening to garnish my wages if I don't pay supplemental insurance because I " didn't have enough" coverage. they want me to pay them an additional $1600 but will settle for $800. what a bunch of crooks!!!!

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Posted by Anonymous on 2009-11-15:
If its paid off they need to send you the title. If you weren't paying enough insurance before it was paid off they CERTAINLY would have told you then.
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ACH Fraudulent-Unauthorized Transactions
Posted by ACH Fraud on 10/20/2009
I made previous arrangements on my payments due to reduced work hours. I made check by phone. I called in prior to the date the check was to be presented for payment and requested that arrangement be deleted and a new arrangement made. My banking account was charged, not for one payment, but for THREE payments all at once. Needless to say, I could not get a resolve from Americredit, as I was told to contact my bank to request an ACH Reversal, which they have the option to dispute or reverse the funds back to my account.

I'm really considering just NOT paying the freaking payment and selling the vehicle to someone who will take it to MExico....GOOD LUCK FINDING IT AMERICREDIT and with getting anymore of my $$$$!!! Thanks for the FREE CAR!!!

You turn law-abiding citizens, who fall upon hard times, into CRIMINALS, just like you.......for survival sake!!!!

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Posted by Anonymous on 2009-10-20:
Instead of doing all that, you could just simply do what they ask and get in contact with your bank to dispute the charges. It's easy, simple, and takes no time at all.
I understand your beef with Americredit. I'd be upset, as well, especially since they can't or won't do anything on their end. But, just take a deep breath, go to your branch, and file a dispute.
Posted by Anonymous on 2009-10-20:
BKK, his bank isn't likely to reverse any charges. He authorized them when he gave his account information to the creditor. Banks would get into the middle of a 'he said...she said' situation. They will most likely instruct him to get his money back from the crditor, and that's not likely to happen either. What he can do, is puton a stop to prevent any future debits, and even that assumes that the creditor won't just submit them with a different name to get them through.
Posted by Anonymous on 2009-10-20:
It was just a thought, Ken.
Doesn't hurt to try.
But, sounds like the OP is between a rock and a hard place.

Instead of doing things over the phone, the OP can also visit the website (www.americredit.com) and try to fix things there with payments.

I also make my car payments with Americredit. Not that it has any bearing on the situation or anything.
Might be a long shot since the damage is already done.
Posted by wanda on 2013-03-28:
I am on disibilty. They are raping me with 129% interest.
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Western Union
Posted by Ripped Off07 on 09/23/2009
My question is this Noone is trying to get out of the payment things happen people get behind. How do they get away with only accepting Western Union payments . If you are behind the chance that you have extra money is minimal. its not fair that they demand this ..You can't make the payment and they want more money. Some of there agents are actually human, some are not. The calling constantly and contacting others is ridiculous
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Posted by Eloise on 2009-09-23:
Posted by grandma005 on 2009-09-23:
They are saying that the Company only accepts payments from Western Union. No checks or online payments. Western Union charges a high fee to send payments. If he does not have the money for a payment then how can he afford to pay extra to send payments to Western Union. I think that this is what he is trying to say.
Posted by Anonymous on 2009-09-23:
I have Americredit for my car payments. If you make payments online, they send it by Western Union and you have to pay an extra $5 bucks on top of what you owe that month for the loan.
If you don't want to do it that way, Ripped Off, you can always send your payment by mail. They send your payment coupon in the mail as well. That way, you can save $5 bucks. Just make sure you send it a week before it's due to make sure they get the payment in time.
Posted by Eloise on 2009-09-23:
Thanks grandma for the clarification. I appreciate it.
Posted by Anonymous on 2009-09-23:
I know what you mean. I always paid Americredit online for my auto loan. One day I get a letter stating that payments would now be through Western Union and an additional charge of $5 would be added to each payment. Their online payment feature used to be free, but I guess they figured out how to make more money from their customers. I still pay online because I don't want them to ever say my payment was lost in the mail. Who knows what they'd to your account if that happened.
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We are basically stuck with it for now
Posted by Canelia on 06/10/2009
I so agree with some of the other reviews, I took this loan and agreed to everything, but the finance manager was sure that we would be able to refinance in six months or so-of course they wanted to sell the car, but I have purchased several cars from them and refinancing has been available, then everything fell apart in the country! So we are stuck with this outrageous interest rate and we pay it-what I don't like is Americredit starts calling my house BEFORE the payment is even due, and the calls are incessant, I have NEVER made a payment past the grace period and only twice past the actual due date, I don't need them calling my house six times a day to tell me I have a car payment due in a few days, I drive the car, I am aware of it's existance and they also send me emails to remind me (those I don't mind, I can ignore them.) My husband works nights and does not need to be awakened for stupid reasons, so we will continue to make the payments and hope for things to turn around and qualify for a refi!!!
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Posted by Anonymous on 2009-06-10:
The "grace period" is simply the amount of time you have after the due date before a late fee is accessed. Any payment made past the due date and within the "grace period" is still late.

Posted by hate CVS on 2009-06-10:
I know in Texas if collection calls you before 7AM or after 9PM, it is illegal. And calling you several times in one day is harassment, especially if you are paying them each month by the date you and AE agreed to.Check with your state's Attorney General's office (on-line) under Consumer complaints and tell them you want to file a complaint. They'll walk you through what you need sign (a few papers and some documenation is all, probably). I'm also not sure I read this right, but if Americredit is holding your car title you can't sell it (they still own title) until you bring your financing current (maybe) or pay it off. They sound like real a-- H---- and probably won't play nice, but check our your state's consumer protection info to be armed with info before you even talk to those lying fools.
Posted by canelia on 2009-06-10:
Just to clarify-they are calling between accepted hours for Florida-8am and 9pm, BUT they do start calling before the actual due date, I understand and accept the "grace" period, that is just when there has not been a "late" fee charged, it is still late. But no matter what the calls are always several, 9 or 10 a day starting on the 5th of the month, the actual DUE DATE is the 8th, and I am not talking about a "grace period."

And I hav to say, I am really sorry for anyone in Texas, 7am!! That is horrible, WAY too early, I think 8am is bad!
Posted by Mrs.Stackhouse on 2009-10-07:
Hmm.. I've never been called before my due date. Are you sure ur not overexagerating? And I've asked, there is no grace period interest accrues daily after the due date, but there is a time frame for no late fee.. I've had to pay late a couple of times, but you can't expect for them to read your mind. It took like 5 minutes out of my month to stop calls. Good credit lenders repo cars 30 DAYS late, this company will work with you but you need to take the initiative. After all you aGREED TO THE LOAN
Posted by old fart on 2009-10-07:
This makes a VERY good argument for shopping for the best credit deal you can find..
I was down this road many decades ago and it still galls me when I think of the incessant calls...
is there anyone you can contact to take over the loan with better terms or due dates..?
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Americredit LOST 2 years of payments and ruined my credit
Posted by Britalian1981 on 05/13/2009
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 form 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.

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Posted by madconsumer on 2009-05-13:
did you save your paymemnt receipts?
Posted by Anonymous on 2009-05-13:
or statements?
Posted by ejack053824 on 2009-05-13:
If you have receipts then they have no recourse.
Posted by Soaring Consumer on 2009-05-13:
Contact your state's Office of the Attorney General's Consumer Protection Division. Your need big help with this right away.
Posted by Anonymous on 2009-05-13:
"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 - If you have all your receipts, you aren't out 14k, a jeep, and your credit, it would be very easy to prove you made your payments and for them to correct their error. I feel like there is more to this story for some reason though.
Posted by BokiBean on 2009-05-13:
You don't just roll over when something like this happens. You can contact the credit report people who have this recorded and contest it, first of all.

I'm like just...something else is going on here.
Posted by Slimjim on 2009-05-13:
Wait, you're not specifically saying Americredit believes you owe them money. In fact, if they never called you, then they are not arguing you do at all. After all, it was your husband that discovered the erroneous credit report. It just seems the way they are reporting the account is in error. If they thought you weren't paying them, you would have sure seen your share of calls and that Jeep would be long gone by now. Sounds easily remedied if you just take the time to call them.
"but if they insist they haven't made a mistake"
Cross that bridge if you come to it.
Posted by BokiBean on 2009-05-13:
Good advice, Slim.
Posted by Britalian1981 on 2009-05-13:
We've contacted Americredit and everytime we call we are told that the individual we are speaking to cannot pull up any information on the account because it has been written off. They always tell us their supervisor can access it, but they are currently unavailable and will phone us to discuss the account. So far, we have still heard nothing. We're getting worried, as we've read lots of reviews about Americredit online and are expecting a battle. We're contemplating legal recourse at this point.
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This Company Should Be Sued For Extortion!
Posted by Nat P on 03/20/2009
LA VERNE, CALIFORNIA -- My mother had an auto loan with Americredit and deferred 3 payments. She paid those back and was getting ready to make her final payment for $300 and was shocked when the bill was almost $4000. They said she owed interest for the deferred payments, even though they didn't mention this when she asked for the deferment. They told her to check her contract. Well all the contract said was that she had the option to defer payments, not that she would be charged any interest at all, let alone what % interest. The bill was due 3 days ago. In that time they also charged an additional 300$ for a late fee and interest accrued for three days! This is extortion!

Do not deal with these crooks! They also make it difficult to make a complaint because they just transfer you to voicemail. Beware-do not deal with this company! They will screw you!
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Posted by Soaring Consumer on 2009-03-20:
If the contract does not have a provision to charge interest for a deferred payment, they have no right to do that out of thin air.

Contact the California Department of Consumer Affairs.
Posted by Anonymous on 2009-03-20:
What SC? You mean she shouldn't sue?
Posted by Anonymous on 2009-03-20:
Deferring a payment doesn't mean it's free... you still accrue interest on what you owe until you pay it off. All you do when you defer is skip a payment (or three) and add them to the end of the loan. The interest clock ticks the whole time...as it should. The borrower still has use of the money, they still have to pay interest on it.
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No Deferments On Auto Loan
Posted by Clody on 03/05/2009
ARLINGTON, TEXAS -- I am current on my auto loan. Have been with the company for many vehicles that I have owned. Their monthly statements indicate they will help you to get back on track if needed, will change payment dates and or deferments to call a specific phone number. I told them that I had cancer, going through chemo, radiation, surgery and incurred lots of medical bills and a judgment was going to be filed if I didn't come up with some extra money to keep this out of court. I still have cancer, and medical bills will continue. I asked them for a deferment for the 3/11/09 payment and they refused. I can't believe this company is advertising they will help you keep your car.

Both of us are disabled by SSA and only get paid once a month. We have no extra money. What can we do about this Americredit situation?
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Posted by Anonymous on 2009-03-05:
I'm sorry that you are in such a sad state. If they were to give you a deferral, what will be different next month? I suspect that if giving you a month's breathing space would have gotten you out of a jam, they might have been more helpful. From your post, it sounds like things won't be any better in the near future.

I hope you feel better.
Posted by Anonymous on 2009-03-05:
Lenders are universally treating everyone like deadbeats and used toilet paper. When our federal scrip achieves toilet paper value, it will be raining bankers on Wall Street (splat). Maybe a note from your doctor would help show you are not trying to scam them? Probably wouldn't help...they only want money.
Posted by RN2B2004 on 2009-07-17:
I feel your pain. We were in a similar situation with never ending medical bills and the dooming americredit payment. I would suggest calling the hospital/clinics and asking to apply for financial aid for your medical bills. We had one bill completely wiped to $0 for us. I know it sounds stupid but its worth a shot, letting them know your situation they are more willing to work with you than AmeriCredit ever will be. Good luck!
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