Americredit Complaint - AmeriCrooks - car loan

Posted by ProConsumer 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 LadyScot 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.