- Report: #238312
Complaint Review: AmeriCredit - Fort Worth Texas
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AmeriCredit
801 Cherry Street, Suite 3900 Fort Worth, 26102 Texas, United States of America
Phone:
817-302-7627
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AmeriCredit They Reneged on a car Loan after the contract was signed, while I was driving away in the new car! Fort Worth Texas
Today, on 03/05/2007, I was in the process of buying a car from Carmax, in Raleigh NC, with AmeriCredit's approved financing. All papers where signed and turned over to Carmax, along with a verified and valid check for down payment. I have copies of all this paperwork, everything! Signed, sealed, and delivered, except the car!
To make a long story short; as I was leaving the Dealership (CarMax ) in my new car, I was stopped by one of carmax's sales reps. They said, Americredit would not except my proof of income; after all the paper work was already signed and as I was driving away-in what I thought was my new car.
AmeriCredit, had reneged on the deal. Because of? they said, ?an invalid proof of income?, which was a ?1099 miscellaneous?. They wanted to see a tax return, so I went and got my taxes done on the 1099 the same night. I Came back, then they said they needed the previous year return as well. I gave them the previous year. Keep in mind, they never specified what they needed to see in the approval stipulations page. It just said, ?proof of income? 3 references, proof of insurance, along with the down payment.
I have given them all the info, and met all stipulations of their approval loan conditions. I feel like they are jerking me around for more money up front. I don't know if they have actually broken any laws, but it seemed like ?BAD BUISINESS? to me! Being that all papers where signed, while driving from the dealership (Carmax) in the new car! This was very upsetting for me, and extremely embarrassing. I was like, ?what the f***?, are they for f***ing real!?
All I am asking them, as a REPUTABLE company, to HONOR their end of the deal. Carmax reps honored theirs by working very hard on this much-needed loan. I honored what was required of me, and what was required from AmeriCredits original approved offer. They keep changing the f***in rules. It seems like they can do whatever they want.
I don't want to take this any further, but will if I have to. So please, don't take this matter lightly. I just want them to honor their end of the deal.
Thank You?
Sincerely:
Robert Durham, North Carolina
U.S.A.
To make a long story short; as I was leaving the Dealership (CarMax ) in my new car, I was stopped by one of carmax's sales reps. They said, Americredit would not except my proof of income; after all the paper work was already signed and as I was driving away-in what I thought was my new car.
AmeriCredit, had reneged on the deal. Because of? they said, ?an invalid proof of income?, which was a ?1099 miscellaneous?. They wanted to see a tax return, so I went and got my taxes done on the 1099 the same night. I Came back, then they said they needed the previous year return as well. I gave them the previous year. Keep in mind, they never specified what they needed to see in the approval stipulations page. It just said, ?proof of income? 3 references, proof of insurance, along with the down payment.
I have given them all the info, and met all stipulations of their approval loan conditions. I feel like they are jerking me around for more money up front. I don't know if they have actually broken any laws, but it seemed like ?BAD BUISINESS? to me! Being that all papers where signed, while driving from the dealership (Carmax) in the new car! This was very upsetting for me, and extremely embarrassing. I was like, ?what the f***?, are they for f***ing real!?
All I am asking them, as a REPUTABLE company, to HONOR their end of the deal. Carmax reps honored theirs by working very hard on this much-needed loan. I honored what was required of me, and what was required from AmeriCredits original approved offer. They keep changing the f***in rules. It seems like they can do whatever they want.
I don't want to take this any further, but will if I have to. So please, don't take this matter lightly. I just want them to honor their end of the deal.
Thank You?
Sincerely:
Robert Durham, North Carolina
U.S.A.
5 Updates & Rebuttals
Ginger
Chicago,Illinois,
U.S.A.
Thank You for Sharing
#2Consumer Comment
Tue, June 10, 2008
I just want to say that I was looking for a way to get out of my new car loan and you both gave it to me! I drove off the lot yesterday and couldn't sleep. I knew I didn't really want the car, or could afford the car, but I caved under the pressure of the salesman and the finance man, and under the desperation I feel for needing a car. I called this morning to explain to the dealer that I don't want the car anymore, and he pretty much said tough luck. The state of Illinois has no buyer's remorse or three day rescission law. However, and I know you both are going to think this is nuts, I have not yet submitted proof of income -- I am supposed to do that today! If I don't give them proof, then, I surmise, my loan will not be finalized by Americredit, and the dealer will have to take back the car? I did give a $1000 down payment, but I read that by law it has to be returned to me if the deal is not finalized. No doubt this unscrupulous dealer will try to keep it. In that unfortunate event, I'll just take it to court. Anyway, thanks again.
Charles
Phenix City,Alabama,
U.S.A.
I will never do business with americredit
#3Consumer Comment
Wed, March 07, 2007
I will never do business with americredit after readon 12 pages of complaints agaisnt them when & if I do get a car I will not use americredit. if the dealership says americredit approved my loan I will refuse it & ask them to find someone else. You have a a right not to do business with a bad business, like americredit after reading many reports how they treat people unfairly. Many companies besides americredit are treating people unfairly these days!
Mike
Radford,Virginia,
U.S.A.
They have that right.
#4Consumer Suggestion
Wed, March 07, 2007
No lender wants to do this normally. They won't make any money if they don't make the loan. But your proof did not meet their requirements, so Americredit decided not to do the loan. Carmax did you a huge favor NOT letting you drive off. Most dealers WANT you to drive home, even if the loan is not fully approved, and approval is not certain. They want you to develop an emotional bond to the car and show it to your family and friends. Then if the loan is not approved, they call you back and tell you that you need to pay more down or take a higher APR so the loan can be approved. It is more likely that someone will take the worse deal rather than give the car back because of the emotional attachment and fear of being embarrased when your friends ask what happened to the new car. So it could've been a lot more embarassing if they hadn't stopped you.
Robert
Durham,North Carolina,
U.S.A.
Its still bad buisiness
#5Author of original report
Wed, March 07, 2007
So its normal for them to do this after the car is sold? If the dealer proceeds with the final paper work, that means the dealer was under the impression that the loan was approved. Dealers will not proceed with final paper work, and hand over the keys until their is a final approval. They where misleading. This is not good business. Do you have any Idea how embarrassing this was!
Heather
Buffalo,New York,
U.S.A.
You're out of luck.
#6Consumer Comment
Tue, March 06, 2007
Americredit is a sub-prime lender, meaning that they primarily foucs on granting loans to people with a poor credit history. Americredit has an automatic acceptance or denial system that is based on information you provide to the dealer. After that is entered, you submit your proof of income. After THAT, based on your submitted proof, an actual person (underwriter) determines the risk of granting you a loan. A 1099 is a tax form for independent contractors. This means that these people are not "employed" by a particular company, but rather contracted by the company, and are not subject to the same rights as an employee. The company can stop "using" you at any time for any reason. Also, many times, a large portion of 1099 contractors income is based on commission. And as we all know, commission is generally not guaranteed (depending on the month/year you've had). These situations don't usually signify a "steady" income. I am speculating that this is what probably happened: You passed the "automated" part of Americredit's screening. After submitting your documentation, they saw that you were an independent contractor, and needed proof that you would be able to pay on the loan. They asked for the tax return statements to show a history of enough income to judge whether or not you could afford the payments. Based on your submissions, they denied the loan because they felt you would not be able to afford your payments based on your income/employment situation. It costs a LOT for a lender to repo a car. They felt the chances of it being repo-ed were significantly better than the chances of it not happening. They have the right to do this. Put yourself in their shoes: would you lend $20K to a stranger who "sometimes" has an income, "sometimes" doesn't, and after reviewing their tax info, you found it would be hard for them to pay you back based on their previous earnings? Doubtful. Lenders are a business. They do business to MAKE money, not lose it. And while I am NOT saying you wouldn't pay them, I AM saying your income history was not sufficient enough for them to trust that you WOULD pay. I do not work for a lender or a dealership; I understand this concept because I work in a business that uses the same logic. My business will deny people the ability to be our customers if we feel that (even STATISTICALLY) we will LOSE money by doing business with them. If the dealership cannot find someone to finance you, they should refund your down payment and send you on your way. It's not a good situation to be in, but if you want people to loan you money, being employed (permanently) and having a steady income are 2 of your best bets.
