Americredit Auto Fin High interest rate, no plan in place to help lower the reat, the company is a rip off, stay away at all cost Arlington, Texas
I got a loan with Americredit back in 2005 on a 2004 truck.The interest was at 17% very high at the time. I have made every payment on time, have never missed a month.I called them in Nov. of 2010 to see if they could help me by lowering the interest rate since I haven't missed any payments and have been on time every month.The truck will be paid off in 1 1/2 years. Their reply was we don't have a plan in place to help people lower their interest rate even if they have been a good customer. If they can't help a good customer, Don't help the Company to get rich off off the backs of people who really try to do them right.
3 Updates & Rebuttals
texasmaverick
Arlington,Texas,
Refund
#4Author of original report
Wed, February 25, 2015
We having been trying to get a $10,000.00 refund for 7 months now started in 6/30/2014 its now 2/25/2015 and nothing.
Flynrider
Phoenix,Arizona,
USA
Real World.
#4Consumer Comment
Fri, February 11, 2011
In the real world, when you sign a contract agreeing to pay 17% for a (rather absurdly long) period, the lender is expecting you to pay that amount for the period specified. Where do you get the idea that you should automatically get a reduction in interest because you've been paying as you agreed to? This is no ripoff. This magical interest reduction that you are imagining does not exist in real life.
If your credit is good, just refinance with another lender at a lower interest rate. That's how it's done in the real world.
Robert
Buffalo,New York,
USA
Try to refinance.
#4Consumer Comment
Thu, February 10, 2011
Refusing to lower the interest rate is NOT a ripoff.
You could ask them for the payoff amount and then approach a traditional bank for a SECURED loan to pay them off-your vehicle (with equity) would secure the new loan.
If you accomplish this, you should have a lower interest rate loan, but you will still have a lien on the vehicle. This will lower the interest rate significantly and might lower your monthly payments should you get refinanced for a longer period.
If your credit worthiness is good enough, you might get a SIGNATURE (unsecured loan) from a traditional bank at a lower interest rate to pay them off although the interest rate would be higher than it would be for a secured loan. The advantage is that for a point or two higher interest rate, the vehicle is PAID OFF and you will have a free title for it.
The choice is yours. Good luck.