- Report: #22889
Complaint Review: AmeriCredit Financial - Arlington Texas
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AmeriCredit Financial
Arlington, Texas, U.S.A.
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AmeriCredit Financial ripoff They got me too But I filed a complaint with the FTC and S.A. deceptive company outlandish ripoff late fees ripoff fraud business Arlington Texas
They got me too. I was financed by them for 2 years. Paid $16,000 for a car and after two years and paying $473 per month (and never late) the balance was $15,500. THen because I was trading the car in order to get out of the deal with them they tacked on $600 in interest because the dealer had not paid the car off in the two weeks that the deal was being work.
It have to be a law against this type of scheming. I think we should all (who have been a victim of AmeriCredit) get a class action filed and put them out of business and get our money back.
Dee McGee
Upper Marlboro, Maryland
It have to be a law against this type of scheming. I think we should all (who have been a victim of AmeriCredit) get a class action filed and put them out of business and get our money back.
Dee McGee
Upper Marlboro, Maryland
2 Updates & Rebuttals
Hannah
Mesa,Arizona,
I agree with Dee regarding AmeriCredit
#2Consumer Comment
Wed, August 21, 2002
In response to Dee, I totally agree with the need to put businesses like this out of business. Some people are naeve and are taken advantage of very easily, or maybe it's because they trust people to do the right thing by them. I myself, am a woman alone and I don't have anyone to advise me on matters such as these. I feel that I was taken advantage of by AmeriCredit too. I asked them to pick up my car and for the longest time they refused. Finally, they did four months ago. Last week I received a deficiency calculation. After selling the car at auction for $1275. and charging me late fees, auction fees and towing fees, the amount is up to $5584.42. I owed them $6000 on a car valued at $2000 after making payments for three years. I couldn't afford to do that for an other two or three years and I had to give it up. It was probably a poor decision, but I have to live with it. I wasn't raised to rip people off and not pay my bills, but this company was bleeding me dry. I blame the auto dealerships first, because they are well aware of AmeriCredit's business practices, so they are as underhanded as AmeriCredit. They want to make the sale and do not make you aware of the alternatives involved and specifically what your interest rate will be. Just because people have less than good credit, they deserve a chance to redeem themselves too. Bad things happen to good people and why should they be punished by paying 24% interest on a vehicle when the principal never goes down. Give them the chance to prove they will pay and reward them with a DECENT interest rate, then if they don't hold to their contract, raise their interest rate. If anyone can find out how to go about filiing a class action (find an attorney who thinks we all have a good case), let me know through this web site. We can try to get in touch with each other somehow and get our heads together. Companies like this should not be allowed to take advantage of people this way. We aren't always told the truth up front.
John
Omaha,Nebraska,
Watch The Interest Calculation
#3Consumer Suggestion
Mon, June 17, 2002
If you check over your finance contract you'll most likely find that they used the 'Rule Of 78s' in calculating your interest. This method, which is popular with subprime lenders, assures them that will get all their interest in the first year of the loan. Other lenders use what is known as 'simple interest' in which you only pay interest on the reamining principal each month. If you keep your loan to the very end you pay the same total amount either way the interest is calculated. Unfortunately in your case, and many others I'm sure, you found out that if you try getting out of a 'Rule Of 78s' loan early you're pretty much screwed. Keep in mind both methods are perfectly legal but 'simple interest' is the way to go if you want to be able to exit the loan early and still keep your shirt. Years ago, when the IRS allowed general interest deductions, the 78s method was popular since the borrower could write off all the interest paid after the first year. That is no longer an incentive.
