Americredit Auto financing Complaint - Customer - Financing Automobile
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 your self 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!!!