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Americredit Complaint - They Will Ruin Your Credit Forever, Not 7 Years, Forever! - Auto Loans
Auto Loans - Complaint
I was financed for a used auto by Americrudit in 2001. Never missed a payment. In 2003 I became disabled. When I realized I could no longer afford the payments, I asked if we could work something out. But they were unwilling to do anything. So I asked them if I could surrender the vehicle to them and we would be even, they agreed and picked up the car in a few days. Well when I had to do the same with my wife's car (which I told them the first time I might have to do that) they agreed again but this time it took 3 weeks for them to come get it after me calling them repeatedly. All of a sudden we get a letter stating we owe them $18,000.00. All because I didn't get the phone agreement in writing, they screwed me big time! The calls, the letters just didn't stop. after a few years they put it in collection after collection. See most people think that after seven years it gets wiped off your credit, wrong! By the jumping from collection agency to collection agency, it starts it all over again. This can go on forever. I know!
I have read so many horror stories about this company, something has to be done to stop them. Come on all you lawyers you must see dollar signs here somewhere (no offense). Please comment if you have any idea's.
Thanks,
DarrensPissed
I have read so many horror stories about this company, something has to be done to stop them. Come on all you lawyers you must see dollar signs here somewhere (no offense). Please comment if you have any idea's.
Thanks,
DarrensPissed
Comments:
Posted by Disaster Worker on 2010-10-17:
I hope your situation has become a little better since 2003. The lesson here is not to purchase cars you cannot afford when life is good so that you are not suffering the consequences when life goes bad. Always buy a car with cash even if it is not the type of car you believe you should have. Do not use credit cards EVER. Pay cash or debit for everything, make a written budget for whatever money you have coming in the household and keep on track. Now about the car, although you surrendered vehicles, by law they have still have the right to charge you the difference on what you owe and what they sell the car for. I've never heard of someone surrendering a car for an even trade.
Best of luck to you!
Best of luck to you!
Posted by tnchuck100 on 2010-10-17:
The statute of limitations clock begins on the date of your last transaction. It DOES NOT restart when a new collection agency buys the debt. If they are telling you otherwise they are lying. But that is typical for most collection agencies.
Here are some links that may help you:
Fair Debt Collection Practices Act (FDCPA)
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf
Fair Credit Reporting Act (FCRA)
http://www.ftc.gov/os/statutes/fcra.htm
Here are some links that may help you:
Fair Debt Collection Practices Act (FDCPA)
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf
Fair Credit Reporting Act (FCRA)
http://www.ftc.gov/os/statutes/fcra.htm
Posted by Prince-Caesar on 2010-10-17:
Yea, I would look into it. After 7 years, it should not be on your credit report. If it is, contact the above links. I would also contact a lawyer because you may have a case. I understand your situation. Here's a little bit more helpful response other than the "you should pay your bills" response most members on here will put. Sometimes situations out of your control arise. It would be nice if companies and banks would be sympathetic towards their customers, but unfortunately, they are not. They hire people who are out for blood if you stop paying your bills. Its the way of the world.
Posted by trmn8r on 2010-10-17:
By appealing for a lawyer to see your story and pick up the cause because they see "dollar signs," it sounds like you are hoping to become involved with one money grabber to fight another.
Regarding surrendering vehicles that are eligible for repossession, an "even trade" in most cases doesn't make sense. It isn't clear what the figures are in these cases, so it is unknown for example what the $18,000 amount represents relative to the value of the car or how much you owed.
When you own companies money, they usually have no compassion. If they did, we would have a lot of bankrupt companies. That said, there are rules regarding how they may pursue you. What are the dates? This happened sometime in 2003 - has 7 years elapsed?
Regarding surrendering vehicles that are eligible for repossession, an "even trade" in most cases doesn't make sense. It isn't clear what the figures are in these cases, so it is unknown for example what the $18,000 amount represents relative to the value of the car or how much you owed.
When you own companies money, they usually have no compassion. If they did, we would have a lot of bankrupt companies. That said, there are rules regarding how they may pursue you. What are the dates? This happened sometime in 2003 - has 7 years elapsed?
Posted by getoverit on 2010-10-17:
I'm pretty sure tnchuck100 is right about the seven years thing. But I also believe there is a catch. If, during the seven years, you acknowledge that the creditor has a legitimate claim, the statute does not apply. (Bear in mind, I'm no lawyer.)
I don't agree with Disaster Worker. Most cars that I have bought have been financed. The trick is that you never want the amount financed to be greater than what the car is worth. Sell the car and pay off the note, if you have to. Always be sure you can get out from under it.
I use credit cards instead of debit cards because 1) there is better lost/stolen protection and 2) it's better for the consumer in cases of dispute. I pay them off every month, so otherwise it's just like a debit card, except that the don't hit my bank account right away.
I don't agree with Disaster Worker. Most cars that I have bought have been financed. The trick is that you never want the amount financed to be greater than what the car is worth. Sell the car and pay off the note, if you have to. Always be sure you can get out from under it.
I use credit cards instead of debit cards because 1) there is better lost/stolen protection and 2) it's better for the consumer in cases of dispute. I pay them off every month, so otherwise it's just like a debit card, except that the don't hit my bank account right away.
Posted by ript on 2010-10-17:
Credit is a system whereby a person who can't pay gets another person who can't pay to guarante that he can pay.
Posted by raven2010 on 2010-10-17:
AS a collection professional, I can tell you chuck is 110% accurate. Most of his info applies not only to consumer debt that is covered by FDCPA, but also govt debt, fees, fines, etc that are NOT covered by FDCPA.
For example, if I have a tax warrant on you for unfiled taxes, and it is about to run out, or even has run out, as soon as you FILE, I can renew the warrant.
With some judgments for fees and fines, especially those based on fraud, I can renew the judgment every time it expires, based on each state's statutes.
For example, if I have a tax warrant on you for unfiled taxes, and it is about to run out, or even has run out, as soon as you FILE, I can renew the warrant.
With some judgments for fees and fines, especially those based on fraud, I can renew the judgment every time it expires, based on each state's statutes.
Posted by werelucky on 2010-10-17:
There is a thing out there known as disability insurance. When making large term purchases that you have to finance is is best to have disability insurance. Thing happen in life. There are ways to prepare for it if these things happen. It's easy to blame the big bad bankers and finance companies but the responsibility is to pay the money you signed a contract to do. I won't even to into the gall to sue for damages for companies trying to get someone to fulfill their responsibilities.
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