Complaint Review: Americredit - Arlington texas

My husband and I were convinced by the finance manager at the auto dealership that a credit union would not give us a loan because of some slow credit due to loss of a job. (We know better NOW) The finance manager lied to us about the interest rate and suddenly jacked it up at the time of signing (again stupidity on our part for not just walking away) So we have now been enslaved to Americredit for several years now and cannot refinance because the vehicle is not worth the amount of the loan (isnt that convenient) We just bought a Truck with financing from our credit union and the interest rate is 4% compared to the 16%+ we are paying Americredit on our Van. They also informed us they would have happily loaned us the money for the van and would be happy to refinance if we could come up with several thousand dollars to make up the difference in value and debt. So not only does Americredit sock it to you in late fees they by the nature of the loan make it difficult to refinance it. Thus enslaving consumers to them. The dishonesty surrounding Americredit has apparently spread to the auto dealer finance managers who direct unsuspecting consumers this blood sucking company. Suggestion: Talk to your bank or credit union BEFORE you go to the dealerships. That way you wont have to deal with Americredit NOR finance managers like John.

My husband and I were convinced by the finance manager at the auto dealership that a credit union would not give us a loan because of some slow credit due to loss of a job. (We know better NOW) The finance manager lied to us about the interest rate and suddenly jacked it up at the time of signing (again stupidity on our part for not just walking away) So we have now been enslaved to Americredit for several years now and cannot refinance because the vehicle is not worth the amount of the loan (isnt that convenient) We just bought a Truck with financing from our credit union and the interest rate is 4% compared to the 16%+ we are paying Americredit on our Van. They also informed us they would have happily loaned us the money for the van and would be happy to refinance if we could come up with several thousand dollars to make up the difference in value and debt. So not only does Americredit sock it to you in late fees they by the nature of the loan make it difficult to refinance it. Thus enslaving consumers to them. The dishonesty surrounding Americredit has apparently spread to the auto dealer finance managers who direct unsuspecting consumers this blood sucking company. Suggestion: Talk to your bank or credit union BEFORE you go to the dealerships. That way you wont have to deal with Americredit NOR finance managers like John.

My husband and I were convinced by the finance manager at the auto dealership that a credit union would not give us a loan because of some slow credit due to loss of a job. (We know better NOW) The finance manager lied to us about the interest rate and suddenly jacked it up at the time of signing (again stupidity on our part for not just walking away) So we have now been enslaved to Americredit for several years now and cannot refinance because the vehicle is not worth the amount of the loan (isnt that convenient) We just bought a Truck with financing from our credit union and the interest rate is 4% compared to the 16%+ we are paying Americredit on our Van. They also informed us they would have happily loaned us the money for the van and would be happy to refinance if we could come up with several thousand dollars to make up the difference in value and debt. So not only does Americredit sock it to you in late fees they by the nature of the loan make it difficult to refinance it. Thus enslaving consumers to them. The dishonesty surrounding Americredit has apparently spread to the auto dealer finance managers who direct unsuspecting consumers this blood sucking company. Suggestion: Talk to your bank or credit union BEFORE you go to the dealerships. That way you wont have to deal with Americredit NOR finance managers like John.

first of all. Why send someone to americredit if they have good credit? The maximum reserve one can make on most finance deals is 3%. Americredit usually caps the deal at 2%. Since you know that most auto dealers make most of thier money on finance. (which they dont) why would they (the dealer) choose americredit over another lender. Wouldnt the mean ol nasty money hungry car dealer want to make more money and at the same time lower the payment on the deal. makes more sense to me....hhhhmmmm make more money or make less and go to americredit....dont be a know it all

No finance company and I repeat no finance company wants late payments or charge-offs. When a note is not paid on time the cost of funds to the finance company go up and they lose profits. They don't care if you are a good person or a dead-beat as you guys like to put it. They want consumers that will pay their bills on time. The fact that they offer second chance financing means they buy money at a higer rate than a bank. Therefore they have more overhead. It is as simple as that. By the way every time someone pays late or defaults on a loan it affects the market place. Who knows how low rates would be. Some non prime lenders offer prime rates to consumers. Oh and by the way most states have laws on usery, so a finance manager can't charge any old rate they want. By the way that goes back to the consumer paying attention to the market and taking responsibility for thier actions I.E. if you shop your rates then you will make an informed decision. Most finance departments at dealerships can offer much lower rates than that found in the open market. Shop around and see! It sounds as though someone knows a whole lot about financing autos.... Just like cops, judges, or any profession there are those you have to watch out for. I don't think all policemen are out of shape doughnut eating coffee drinking pot smoking people that are portrayed in certain venues, and I don't think all judges are out of touch with reality. True some may fit the stereotype, but most don't even come close. Just like finance managers. Once again Buyer be ware, do some research, and take responsibility for your own decisions. Oh and before I close. I want to know what finance managers Mike was reffering to I have been in the business for years and it is one of the hardest and most competitve markets in retail. You have to be asleep to let someone rip you off with the laws we have on the books and the information that is at your fingertips. Quit blaming everyone else, take some responsibility.

No finance company and I repeat no finance company wants late payments or charge-offs. When a note is not paid on time the cost of funds to the finance company go up and they lose profits. They don't care if you are a good person or a dead-beat as you guys like to put it. They want consumers that will pay their bills on time. The fact that they offer second chance financing means they buy money at a higer rate than a bank. Therefore they have more overhead. It is as simple as that. By the way every time someone pays late or defaults on a loan it affects the market place. Who knows how low rates would be. Some non prime lenders offer prime rates to consumers. Oh and by the way most states have laws on usery, so a finance manager can't charge any old rate they want. By the way that goes back to the consumer paying attention to the market and taking responsibility for thier actions I.E. if you shop your rates then you will make an informed decision. Most finance departments at dealerships can offer much lower rates than that found in the open market. Shop around and see! It sounds as though someone knows a whole lot about financing autos.... Just like cops, judges, or any profession there are those you have to watch out for. I don't think all policemen are out of shape doughnut eating coffee drinking pot smoking people that are portrayed in certain venues, and I don't think all judges are out of touch with reality. True some may fit the stereotype, but most don't even come close. Just like finance managers. Once again Buyer be ware, do some research, and take responsibility for your own decisions. Oh and before I close. I want to know what finance managers Mike was reffering to I have been in the business for years and it is one of the hardest and most competitve markets in retail. You have to be asleep to let someone rip you off with the laws we have on the books and the information that is at your fingertips. Quit blaming everyone else, take some responsibility.

No finance company and I repeat no finance company wants late payments or charge-offs. When a note is not paid on time the cost of funds to the finance company go up and they lose profits. They don't care if you are a good person or a dead-beat as you guys like to put it. They want consumers that will pay their bills on time. The fact that they offer second chance financing means they buy money at a higer rate than a bank. Therefore they have more overhead. It is as simple as that. By the way every time someone pays late or defaults on a loan it affects the market place. Who knows how low rates would be. Some non prime lenders offer prime rates to consumers. Oh and by the way most states have laws on usery, so a finance manager can't charge any old rate they want. By the way that goes back to the consumer paying attention to the market and taking responsibility for thier actions I.E. if you shop your rates then you will make an informed decision. Most finance departments at dealerships can offer much lower rates than that found in the open market. Shop around and see! It sounds as though someone knows a whole lot about financing autos.... Just like cops, judges, or any profession there are those you have to watch out for. I don't think all policemen are out of shape doughnut eating coffee drinking pot smoking people that are portrayed in certain venues, and I don't think all judges are out of touch with reality. True some may fit the stereotype, but most don't even come close. Just like finance managers. Once again Buyer be ware, do some research, and take responsibility for your own decisions. Oh and before I close. I want to know what finance managers Mike was reffering to I have been in the business for years and it is one of the hardest and most competitve markets in retail. You have to be asleep to let someone rip you off with the laws we have on the books and the information that is at your fingertips. Quit blaming everyone else, take some responsibility.

No finance company and I repeat no finance company wants late payments or charge-offs. When a note is not paid on time the cost of funds to the finance company go up and they lose profits. They don't care if you are a good person or a dead-beat as you guys like to put it. They want consumers that will pay their bills on time. The fact that they offer second chance financing means they buy money at a higer rate than a bank. Therefore they have more overhead. It is as simple as that. By the way every time someone pays late or defaults on a loan it affects the market place. Who knows how low rates would be. Some non prime lenders offer prime rates to consumers. Oh and by the way most states have laws on usery, so a finance manager can't charge any old rate they want. By the way that goes back to the consumer paying attention to the market and taking responsibility for thier actions I.E. if you shop your rates then you will make an informed decision. Most finance departments at dealerships can offer much lower rates than that found in the open market. Shop around and see! It sounds as though someone knows a whole lot about financing autos.... Just like cops, judges, or any profession there are those you have to watch out for. I don't think all policemen are out of shape doughnut eating coffee drinking pot smoking people that are portrayed in certain venues, and I don't think all judges are out of touch with reality. True some may fit the stereotype, but most don't even come close. Just like finance managers. Once again Buyer be ware, do some research, and take responsibility for your own decisions. Oh and before I close. I want to know what finance managers Mike was reffering to I have been in the business for years and it is one of the hardest and most competitve markets in retail. You have to be asleep to let someone rip you off with the laws we have on the books and the information that is at your fingertips. Quit blaming everyone else, take some responsibility.

The original poster was late with the *first* payment. This will put you on any lender's **** list. They don't know if you're really a good person or a total deadbeat until you've made a few payments on time. Miss the first payment, and they will assume the worst. Although, a late fee should not have been applied if the contract doesn't allow it. John shouldn't assume that all Americredit customers are there because they can't go elsewhere due to bad credit. Americredit or any other subprime lender is not going to reject anyone because their credit rating is too good. If a dealer can convince a consumer with good credit to accept a high APR loan, the dealer can sell the loan at a profit. The finance office has passed the sales floor as the dealers' major profit center. The finance manager (salesman) will take someone with a few old bad things on their credit report and really play them up to berate the consumer. Even though such customer may actually qualify for a prime or near-prime loan, it will not be offered to him if the finance manager thinks he can get away with it. Companies like Americredit only take on consumers with bad credit because they know a few of them will make good on the promise to pay. They are not doing it to "help good people." They are playing a numbers game. The good customers will be ripped off to pay for losses incurred because of deadbeats. If they can sign someone with good credit (who will almost certainly prove to be a good customer) to a loan with bad terms, they'll do it in a heartbeat.

"I wish people in lending would go out to High schools and teach students how credit works, what a beacon score is, how to maintain a good credit portfolio, and the differece in borrowing to buy and debt leveraging." Then John, what are you waiting for? Why want for someone else to do this, when you can do this yourself? You're a finance manager, right? You have an idea of how the credit industry works. You have the necessary knowledge to teach these kids how to manage credit as well as their own money (based your own personal experience and other references). If you're going to talk about people owning up to their responsibility, then you sir, need to do your part. Help your community. Don't wait for someone else to do it. Peace.

Once again I would like to state that I am neither employed with Americredit or any lending institution. I just want people to understand that you have legal recourse to lenders if and when they break the law. Responding to the person that says " don't use americredit for an auto loan" that is your right to express your opinion of the service or lack there of that you recieved. Kudos to you sir or ma'am. I would like to also say that I have not insinuated that people with credit problems are dead-beats. I would say that I understand that a lot of Americans get into credit problems for one reason or another. I feel that there is really nowhere to go to get educated abour "Family Economics" for lack of a better phrase. Unfortunately ignorance is not an excuse, knowledge is power. I wish people in lending would go out to High schools and teach students how credit works, what a beacon score is, how to maintain a good credit portfolio, and the differece in borrowing to buy and debt leveraging. It is high time that people take some responsibility for their own actions. Pay your bills on time, If you go to buy something budget it properly, if you can't afford it, it is not a lenders position to tell you that, don't buy it if you can't afford it. There will be those of us that run into situations that we cannot forsee and end up having to rebuild our credit (yes it happened to me) and if it weren't for creditors like Americredit, and some of the creditors you mentioned some good ole hard working Americans would just go without. Then who would you blame?

Financing an auto? Do not use Americredit, period. Have a loan through Americredit? Refinance with someone else as quick as possibile.

Financing an auto? Do not use Americredit, period. Have a loan through Americredit? Refinance with someone else as quick as possibile.

Financing an auto? Do not use Americredit, period. Have a loan through Americredit? Refinance with someone else as quick as possibile.

Financing an auto? Do not use Americredit, period. Have a loan through Americredit? Refinance with someone else as quick as possibile.

John, I would like to comment on some of your points. First, there certainly are two sides to every story and this venue gives both sides opportunity to present them, allowing consumers to be the judge. The BBB, for instance, conducts this in secret so that the consumer never gets to know what transpired in the complaints. Members also get boiler plate statements about their status that mean nothing to consumers. Next, I realize that you are making general statements about consumers, and that with which we take umbrage is your assumption that those who have problems with credit are deadbeats. It is our finding that credit providers are the ones who are finding more insidious ways of separating good, honest, hard-working people from their cash. Maybe we should make these businesses accept responsibility for their fraudulent behaviors. ED Magedson [email protected] badbusinessbureau.com www.ripoffreport.com We are not lawyers. We are not a collection agency. We are Consumer Advocates. ...the victims' advocate WE are Civil and Human Rights Activists We are a Nationwide Consumer Reporting News Agency ...by consumers, for consumers

Yes I have, and I am certain that in some cases there are people that get taken advantage of.
However there are always two sides to every story.
Deceptive trade is illegal, and consumers have legal recourse in those situations. It is time past due that people in this country get back to taking responsibility for their own actions.

Let me ask you this way would you loan money to someone that has a past history of not paying people or companies back? If you personally loaned that money would you want recourse to get it back? and one more comment do you have any idea how many companies have gone bankrupt in the last five years that did non prime lending?

All I'm saying is these companies are necessary so that some people that are really trying to rebuild their credit can do so and drive a decent car in that rebuilding process. We all know that things can go wrong that are no fault of our own. Bad things can happen to good people and that is why companies like Americredit are in business and most of the clients that Americredit handles for me are very happy.

thank you.

this is just a response to the lady who "mailed" her payment on time to americredit. just an inside note, lady, the us postal service stakes no claim that your mail will arrive in 2-3 business days as thought by many consumers. on average for your mail to get to its destination is 2-4 business days and then you can tack on anywhere from 3-8 business days for posting to your account. americredit doesnt send any of your payments to another state for posting.

they go to the address on your statment which is in phoenix, az (at a bank 1 lockbox). NOTHING illegal about that. by the way, post dated envelopes by the due date on your contract don't count as "on-time" payments.

that only applies to your taxes and you can take that up with the IRS. my advice to you is that you read your contract (as stated by the gentleman's response prior to this one) and realize that if your payment isn't posted on or before your due date, americredit has LEGAL right to repossess your vehicle.

the company has no "grace period" for payments. they just abide by the LEGAL state law that requires them to wait a period of 5-15 days.
trust me, if they could charge you a late fee at 1 day past due they would. just send your payments in on time and then you won't have to worry about it in the future!!

this is just a response to the lady who "mailed" her payment on time to americredit. just an inside note, lady, the us postal service stakes no claim that your mail will arrive in 2-3 business days as thought by many consumers. on average for your mail to get to its destination is 2-4 business days and then you can tack on anywhere from 3-8 business days for posting to your account. americredit doesnt send any of your payments to another state for posting.

they go to the address on your statment which is in phoenix, az (at a bank 1 lockbox). NOTHING illegal about that. by the way, post dated envelopes by the due date on your contract don't count as "on-time" payments.

that only applies to your taxes and you can take that up with the IRS. my advice to you is that you read your contract (as stated by the gentleman's response prior to this one) and realize that if your payment isn't posted on or before your due date, americredit has LEGAL right to repossess your vehicle.

the company has no "grace period" for payments. they just abide by the LEGAL state law that requires them to wait a period of 5-15 days.
trust me, if they could charge you a late fee at 1 day past due they would. just send your payments in on time and then you won't have to worry about it in the future!!

this is just a response to the lady who "mailed" her payment on time to americredit. just an inside note, lady, the us postal service stakes no claim that your mail will arrive in 2-3 business days as thought by many consumers. on average for your mail to get to its destination is 2-4 business days and then you can tack on anywhere from 3-8 business days for posting to your account. americredit doesnt send any of your payments to another state for posting.

they go to the address on your statment which is in phoenix, az (at a bank 1 lockbox). NOTHING illegal about that. by the way, post dated envelopes by the due date on your contract don't count as "on-time" payments.

that only applies to your taxes and you can take that up with the IRS. my advice to you is that you read your contract (as stated by the gentleman's response prior to this one) and realize that if your payment isn't posted on or before your due date, americredit has LEGAL right to repossess your vehicle.

the company has no "grace period" for payments. they just abide by the LEGAL state law that requires them to wait a period of 5-15 days.
trust me, if they could charge you a late fee at 1 day past due they would. just send your payments in on time and then you won't have to worry about it in the future!!

this is just a response to the lady who "mailed" her payment on time to americredit. just an inside note, lady, the us postal service stakes no claim that your mail will arrive in 2-3 business days as thought by many consumers. on average for your mail to get to its destination is 2-4 business days and then you can tack on anywhere from 3-8 business days for posting to your account. americredit doesnt send any of your payments to another state for posting.

they go to the address on your statment which is in phoenix, az (at a bank 1 lockbox). NOTHING illegal about that. by the way, post dated envelopes by the due date on your contract don't count as "on-time" payments.

that only applies to your taxes and you can take that up with the IRS. my advice to you is that you read your contract (as stated by the gentleman's response prior to this one) and realize that if your payment isn't posted on or before your due date, americredit has LEGAL right to repossess your vehicle.

the company has no "grace period" for payments. they just abide by the LEGAL state law that requires them to wait a period of 5-15 days.
trust me, if they could charge you a late fee at 1 day past due they would. just send your payments in on time and then you won't have to worry about it in the future!!

I do not work for any lending institution although I work with 12 lenders including Americredit. I am a finance manager at a auto facility. Americredit and companies like them are in business because of people with credit problems. They are not a primary finance source.
The person that sent his or her payment in late is missing one very important point. When you signed your contract you as buyer agreed in writting to make your payment "on or before the date due" any late "grace" is just that grace.

Paying bills late is what gets most people in trouble with credit to start with. If you were in the habit of paying your bills on time you would not be financed with Americredit to start with and you probably would have a lower interest rate as well as lower payments.

By the way not holding up your end of the contract i.e. not paying on time could be construed illegal as well. My advice is for you to pay your bill on time and honor your contract that you signed and you will have no more problems.