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GMAC Financing Complaint - GMAC Financing - Don't Do It!!

Review by struggling on 2009-02-26
NORTH TONAWANDA, NEW YORK -- I bought a 2005 Chevy Equinox (JUNK) in December of 2004. Even though it was for 5 years, it has been 4 years and all payments have been made and GMAC sent me a bill for the balloon payment. When I called to refinance the balloon, the customer service representative said "we don't do that", call a dealer, so I did. He said that he couldn't get me a better deal so call GMAC. So I did, 10 times! The first 9, they said that they don't do that. Finally I got someone with a clue. She sent out the paperwork and said my ex-husband (since 2006) had to sign. I explained that he wouldn't (I did ask) and they said "Sorry, if he doesn't sign there's nothing else we can do". SO basically they had my truck repo'd and when I called GMAC they said to call the redemption center and they will work something out with you. I did....guess what....pay everything owed or lose it!!!

Isn't it nice that we are paying for these idiots the screw US over????? Never again will I buy GM or finance with GMAC.
Comments:4 Replies - Latest reply on 2009-03-09
Posted by spiderman2 on 2009-02-27:
Did you buy or lease this car?
Posted by struggling on 2009-02-27:
It was a smartbuy, which is like a lease but titled to me.
Posted by spiderman2 on 2009-02-27:
Okay, I googled GMAC Smartbuy and it is basically a loan where you have a low payment for part of the loan and then a balloon payment at the end. I completely understand your frustration, you shouldn't call 10 times and get 10 different answers, but you knew there was going to be a large payment at the end of the loan. I'm guessing the car is in your name and your ex-husbands, which would explain why you can't get a loan for the balance on your own, he would have to sign. Did you try to approach him with the fact that this is going to affect his credit too? Good luck to you.
Posted by struggling on 2009-03-09:
I did but he really didnt seem to care, but now that I have turned the truck in and he received notification ......guess what NOW he cares....go figure...
So i went out and paid cash for a car...1995 Saturn for $1300, not a bad deal....i just dont think that gmac should be jerks about it and told me that the original contract (2004) supersedes my divorce.....strange

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