Complaint Review: Americredit Financial

i am a victim of {americredit} kindness.  there is so many of us out there today who would like better . due to getting in to deep or unexpected things can happen to the best of us.  i blame the car dealers and loan company charge more or less depending on your job,credit history .  when you drive off a dealers lot with a new vehicle the value drops 2500 or more. so that is the begining of you getting rip off .now you must add interest fees , dealer fees.   that vehicle is costing you way more than what was on the sticker price. did you also know americredit has a balloon payment at the end of your loan. so anyone out there beware if you pay all of your loan payments on time to americredit  you may not get your title to your vehicle if any ballon payment is there. i had a ballon payment on of 2800 after final payment.  i asked why they said due to you being late several times. i have heard even if you aren't late you still have one. please check on back of your contracts it said it on mind in very small print.  after my expereice on the next new vehicle if i buy new again i will have saved up to pay cash so i will own the day i left their lot. just think if everyone tries this high cost finance companies will be gone.  also more money in our  hard earned  pockets. 

First of all my loan was for $18,300.00 and my payments were $447.00 a month at 16% interest for 60 months begining on 09-04-2006 from 09/2006 to 09/2007=12 months 09/2007 to 09/2008=24 months 10/2008,11/2008,12/2008,01/2009,=total 28 months and a payment was sent on 02/04/2009 for $460.00 that they said they never received which was sent by western union quick collect,the vehicle was taken on 02/13/2009 they in fact say I made 26 payments and many of the payments were for more than the minimum due,I am glad to finally be rid of this predatory lender,I now own a brand new Mazda 6 2009 and have made 3 payments on this car,my finance amount is the same $18,300 but after just 7 more payments my balance will be lower than the mazda 2005 that I paid for almost 3 years,americredit is a loan shark that takes advantage of people who have no credit or poor credit history,I should have never signed a contract with this co. I have a prior credit history of always paying autos by financing in full,and always carrying full coverage insurance,I am pursuing legal action for the illegal repossession of my vehicle,by entering private property and causing a breach of the peace which is all illegal,I will file a civil suit against Americredit.

First of all my loan was for $18,300.00 and my payments were $447.00 a month at 16% interest for 60 months begining on 09-04-2006 from 09/2006 to 09/2007=12 months 09/2007 to 09/2008=24 months 10/2008,11/2008,12/2008,01/2009,=total 28 months and a payment was sent on 02/04/2009 for $460.00 that they said they never received which was sent by western union quick collect,the vehicle was taken on 02/13/2009 they in fact say I made 26 payments and many of the payments were for more than the minimum due,I am glad to finally be rid of this predatory lender,I now own a brand new Mazda 6 2009 and have made 3 payments on this car,my finance amount is the same $18,300 but after just 7 more payments my balance will be lower than the mazda 2005 that I paid for almost 3 years,americredit is a loan shark that takes advantage of people who have no credit or poor credit history,I should have never signed a contract with this co. I have a prior credit history of always paying autos by financing in full,and always carrying full coverage insurance,I am pursuing legal action for the illegal repossession of my vehicle,by entering private property and causing a breach of the peace which is all illegal,I will file a civil suit against Americredit.

In the original post he claims to have made 28 payments.

Well add this up:

Sept-Dec 2006 = 4 payments
2007 = 12 payments
2008 = 12 payments
jan + feb 2009 = 2 payments

for a grand total of: 30 payments due!

You just said you paid 28, they claim 26 payments made with 4 past due. By your own admittance you were 2 months behind. You also said that you were late twice.

2 misaccounted payments + 2 late payments = 4 payments behind.

4 payments behind = car repossesed.

This math is easy.

As for your loan:

20,400$ - 3k for trade in = 17,400$. The tax is not part of the loan.

17.4k at 16% interest over 5 years = $423.13

No rip off there, that's what you owe.

try it: http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

Click the amoritization table at the bottom and it will show you a month by month break down of principle paid vs interest paid.

Your total interest is 7987.80$

Is that rate high? Yes. Which means your credit must not be perfect.

Good luck with the new vehicle loan!

This is from their website SA "AmeriCredit Corp. (NYSE:ACF) is the largest independent middle-market auto finance company in North America. Using its branch network and strategic alliances with auto groups and banks, the company purchases installment contracts made by auto dealers to consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers throughout the United States and Canada and more than $14 billion in managed auto receivables. The company was founded in 1992 and is headquartered in Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America's Most Livable Communities. . For more information, visit www.americredit. com." Also they just had a stock holders meeting less than 10 days ago and nothing in their press releases or on any Federal website to prove your claims. This company does over 20 billion in business and their is going to be mistakes; yours is a rare mistakes especially since it appears a employee did post a rebuttal and you didn't pay the lean holder in months and never held to your promises.

Did you read the loan documents or just sign and go? Its more than possible to have paid a huge amount, got the car repo's and still owe more than the car is worth; its called shitty credit. You get this from something just like this, you go to a dealer, the dealer runs your credit, you get a score below 600 you get double digit rates. Its doesn't matter if they are under investigation or not, you promise to pay; you don't pay you lose the car, house, plane or anything thats financed. Sad thing is you actually believe your crap; your lucky the company hasn't seen this because you'd loose allot more with all this slander. Since this website does not permit your comments to be deleted you my live in a make believe world would truly be screwed if they were told. Its people like you who take loans you cant afford that also caused this crap we are in now. I would be very embarrassed to be related to you; I hope your children learn financial responsibility from a different source.

To all of the past post that are trying to protect this predatory lender,there is an ongoing federal investigation of Americredit's business dealings and accounting practices as well as whether there is additional criminal charges that will soon be lodged against Americredit's executives and other employees who are trying to coverup the truth about there lies and criminal practices of altering records of customers and repossessing vehicles from customers with no justifiable cause,this Co has a long history of abusing customers with threats of repossession,adding phony charges to accounts,additional interest,and illegally sending repo agents out to repossess vehicles after customers have paid large amounts of money in payments so they can quickly liqudate the vehicles for quick profits and recycle the vehicles on new predatory loans,the fact that I did do business with this co for 28 months and had paid a total of $12,000.00 in payments,$3,000.00 trade in credit and $1077.00 sales tax on an $18,300.00 loan and they said I still have a $14,000.00 balance on the contract is in itself a criminally illegal computation of interest and worst than your corner loanshark,I now have a brand new 2009 Mazda 6 with a $18,300.00 loan and after I make about six more payments my loan balance will be lower than the Americredit loan I paid for 28 months at $447.00 a month,Americredit can't hide from the law behind smoke and mirrors the feds have taken down bigger and larger co's than Americredit,the truth about this co will be known to all.

Sometimes you come across a post that makes you wonder if their is a possibility that their was a mistake; then you come across posts that are so outlandish you know its a lie. If I was the bank Sa I would come after you for slander and take everything you own or have in your possession. Plain and simple you are truly a person with no means of thinking properly and the more you talk (or write in this case) the dumber you get. For other the reason he keeps on mentioning the insurance is because most loans are set up if your insurance goes default the Bank will require you to purchase insurance from them rather than a regular insurance company. In the economic times of today many banks are more than willing to help or understand your position. They don't want the car back either, but when you get 4 months back and promise to get current and fall back on your promise; of course they are going to take the car; big ole DUH for ya Sa

Sal!!! Please stop man!! You are making yourself look more of a nutcase everytime you post. You were months behind. You lost your car. End of story man. Most of the cases against the company are prob being thrown out because of people like you who break the contract. If you owed me money, I would also track you down like a fox and take back what you won't pay for no matter where you tried to flee to or what property you were on. Get over your lazyness and move on. Let this be a lesson to you on honoring the contracts that you sign for. That company is prob going out of business because of people like you who screw them when they took a chance on you. Ever think of that? It is people like you who are bringing this country down. Rights you say? You break a contract and you loose your right to keep the car!!

'Blame the previous president for all this mess.'

>> Why? Did he make this person buy something they can't afford? Why would you complain about someone who gives you a check for doing nothing deadbeat?

'And the republicans for allowing these loan companies to treat us like s**t.'

>> How are they the ones, and only ones doing this? Why do you pretend to have even a remote clue as to what adults talk about? And who is this 'us'? How do you have a loan when you have no money deadbeat?

'People have lost there jobs & there cars get repoed & their homes foreclosed.'

>> Yup. Happens every day. Meanwhile, leeches like you live high in the hog stealing the same people's tax money.


'These bad businesses don't help the economy either.'

>> But what do you know about 'bad businesses'? YOU have never ever dealt iwth one. Why do you make believe you have?

'People need to put the blame where It belongs & the rest of the crooked republicans.'

>> No, it belongs on slugs like you that leech off society.


'The republicans are the reason, why we have so much problems today.'

>> No, it's leeches like you that are the problem. Go out and get a job deadbeat.

'Which Is the reason why us non rich citizen get ripped off & taken advantage & treated like crap.'

>> But you have never been taken advantage of. The American public is being taken advantage of by you.


'Every single day.'

>> What? That you lie? We already know this. We know you do nothing to help society every single day.

'Buy the way If people don't like I said that I do not car.'

>> But you do. Why do you lie 'every single day'?

- How can you have any credit card at all if you have no money like you claim in all the collection reports you crap in?
- How can you afford a computer to perpetrate your fraud with if you have no money like you claim in the collection reports you pollute?
- How can you afford an internet connection to perpetrate your fraud if you allegedly have no money as you claim?
- How can you afford an attorney for all these alleged lawsuits you claim to be filing if you have no money like you claim?
- Why did you get a cellphone you knew you couldn't afford when you have no money as you claim?
- Why haven't you paid the people you have owed money to for a long time?
- How can you afford a vehicle to go out and cause accidents in if you allegedly have no money?
- How can you afford the exorbitant insurance from the accidents you cause in the vehicle you shouldn't be able to afford if you have no money as you claim in the collection report?
- How can you be buying your panties and dresses off QVC if you have no money?
- When are you going to apologize for lying to Steve as was proven about allegedly not being on some sort of meds? Or are you not on meds? Which is the lie?
- When are you finally going to leave us like you promised in your fraudulent schneider report so that isn't also one of your many lies?
- When are you finally going to answer the legitimate questions asked of you?

Auto Lender's Charge-offs Jump 61%

AmeriCredit Corp., the Fort Worth-based independent auto finance company, charged off $266.4 million in auto loans during its third quarter ended March 31, increasing 61.3% from $165.1 million during the same period last year.

Fiscal year to date, the company charged off $772.5 million in bad loans, up 51.4% from $510.1 million during the first nine months of the previous fiscal year, AmeriCredit reported Thursday.

Annualized net charge-offs as a percent of average receivables on-book reached 6.6% in the March quarter, vs. 4.6% a year ago. Year to date, the charge-offs were 6.3% of average on-book receivables, vs. 5.2% in the first nine months of the prior fiscal year.

Managed receivables held by AmeriCredit at the end of March topped $15.8 billion, growing 3.9% from nearly $15.2 million in the same period last year.

The company reported a total delinquency rate on its loans of 7.6% in the March quarter, up 200 basis points from 5.6% in the March 2007 quarter.

AmeriCredit purchased $1.35 billion in receivables during the quarter, down nearly 47% from purchases of $2.54 billion in the year-ago quarter. Year to date, the lender purchased $5.48 billion in receivables, down 12.8% from $6.28 billion in receivables purchases during the same nine months of the previous fiscal year.

Quarterly principal collections and recoveries on AmeriCredit's receivables were $1.62 billion, nearly flat (down 0.7%) from $1.61 billion in the same period of 2007. Year to date, principal collections and recoveries grew 11.2% from $4.25 billion to $4.73 billion.

AmeriCredit
Posted: 2009-03-17 by NO MORE!!!!!!!!

Fraud
Complaint Rating: 0 % with 1 votes
Company information:
Amrericredit
Texas
United States

I have a loan with AmeriCredit and I want so bad for someone to investigate them for predatory lending. I brought a car two years ago and got involved in bad deal. The trick used on me was drive a new car home get called back a couple days later with a higher finance charge. I should of known that something was wrong when emphasis was placed on bringing back the first contact " I could not kept no copies." With that being said I DID NOT RETURN ALL COPIES OF THE ORIGINAL PURCHASE. This car company is now being sued for fraud and deceit and I'm over joyed. Yet I'm determine not to stop until I can sound the horn on their partner AMERCREDIT. It takes two to give to services. One for a useless car and the other for an impossible loan to pay.It has been two years and my loan is still at 21, 000 for payoff, 31811 for maturity, and the current value of the car today is 6, 795. The dealer is filing for protection under bankruptcy and one the creditors sueing them is Americredit. For what? For the payment for the unfinished PREDATORY AGREEMENT. I should of know the day I walked into that dealer that I should of went with my first instinct which were "These salesmen look like they haven't been in car sales for long this place is unprofessional get out and go home." Yet as soon as put on your blinker they swarm the car and there is no chance for survial unless you where to use force. I will never stop writing about this until it heard and or solved.

Securities and Exchange Commission,

Plaintiff,

v.

AMERICREDIT CORP.,

Defendant.
:
:
CIVIL ACTION NO.:
COMPLAINT FOR CIVIL PENALTY

Plaintiff, Securities and Exchange Commission ("Commission"), for its Complaint against defendant AmeriCredit Corp. ("AmeriCredit") alleges and states that:
SUMMARY

1. On January 4, 2002, in violation of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder, Keith Cyr, an AmeriCredit employee, sold AmeriCredit stock while he was in possession of material nonpublic information about AmeriCredit, in breach of a fiduciary duty that Cyr owed to AmeriCredit's shareholders.

2. AmeriCredit directly or indirectly controlled Cyr, as an employee of the company.

3. AmeriCredit knew or recklessly disregarded the fact that Cyr was likely to trade in the company's stock while he was in possession of material nonpublic information. On January 4, 2002, AmeriCredit knew or recklessly disregarded that Cyr possessed material nonpublic information. AmeriCredit also knew or recklessly disregarded that Cyr had traded in AmeriCredit stock two days earlier, on January 2, and AmeriCredit knew or recklessly disregarded that Cyr possessed material nonpublic information when he placed the January 2 trade. Because AmeriCredit knew or recklessly disregarded that Cyr had already traded in the company's stock while he was in possession of material nonpublic information about the company, AmeriCredit knew or recklessly disregarded the fact that Cyr was likely to trade in the company's stock again when he was in possession of material nonpublic information

4. AmeriCredit also failed to take appropriate steps to prevent the illegal trade that Cyr effected on January 4, 2002.

5. Accordingly, AmeriCredit is liable for a civil penalty, pursuant to Section 21A of the Exchange Act.
JURISDICTION AND VENUE

6. The Commission brings this action pursuant to authority conferred upon it by Section 21A of the Exchange Act, to impose a civil penalty against AmeriCredit.

7. This Court has jurisdiction over this action pursuant to Sections 21A(a)(1)(B) and 27 of the Exchange Act, and 28 U.S.C. 1331.

8. Venue is proper in this Court, under Section 27 of the Exchange Act, because AmeriCredit maintains its principal place of business within the Northern District of Texas.
PARTIES

9. The Commission is the United States governmental agency responsible for enforcing the federal securities laws for the protection of investors.

10. Defendant AmeriCredit, a Texas corporation with its headquarters in Fort Worth, is in the business of purchasing finance contracts from automobile dealers (typically involving consumers who cannot obtain traditional financing from banks because of past credit problems or low income) and servicing those contracts. AmeriCredit's common stock is listed on the New York Stock Exchange.
STATEMENT OF FACTS
Background: AmeriCredit Collections

11. At least initially, the finance contracts AmeriCredit purchases constitute receivables on AmeriCredit's books.

12. AmeriCredit securitizes a portion of its receivables, in order to diversify funding, improve liquidity, and obtain funds to buy more consumer contracts, but AmeriCredit earns a "spread" on the securitized receivables, which is the difference between the interest rate AmeriCredit pays the investors and the rate it receives from borrowers.

13. AmeriCredit is responsible for collecting payments from the borrowers, including on the securitized receivables.

14. AmeriCredit has five collection centers, across the United States and in Canada, that service and manage all of its receivables.

15. According to AmeriCredit, its results of operations, financial condition and liquidity depend on the performance of the finance contracts, which generate all of AmeriCredit's revenue.
Loan Portfolio Performance Data

16. AmeriCredit maintains an internal data system that contains and reflects delinquency rates, charge off rates, the number of borrowers in bankruptcy, repossession rates, and the number of accounts deferred in its loan portfolio.

17. AmeriCredit produces daily reports from the system, which show AmeriCredit's loan portfolio's performance on each day, along with historical data comparing that day's collection statistics with prior months and quarters and the prior year, for each individual collection center and collectively for the entire company.

18. AmeriCredit makes the collection statistics available to employees who need it in the ordinary course of their duties, by giving them access to the information on AmeriCredit's computer system, or by giving them access to reports generated from the system, or both.

19. Because AmeriCredit controls and regulates employees' access to the collection statistics, AmeriCredit knows which employees have access to the information.
January 2, 2002 Report

20. On January 2, 2002, AmeriCredit generated an internal report ("the Report") that reflected unfavorable collection data for the quarter ending December 31, 2001.

21. The Report showed that 3.8% of the company's total managed auto receivables were more than 60 days delinquent, compared to 2.7% in the same quarter a year earlier, and compared to 3.1% in the quarter ending September 30, 2001.

22. The Report also showed that AmeriCredit charged off 4.3% of its average managed auto receivables, compared to 3.6% in the same quarter a year earlier.

23. The information in the Report was nonpublic until it appeared in an earnings release on January 10, 2002.

24. Each page of the Report bears the following warning: "PROPRIETARY INFORMATION: The information presented is proprietary in nature and must not be communicated outside the company."

25. AmeriCredit made the Report available to approximately 200 AmeriCredit managers and collection employees who accessed the Report in the ordinary course of performing their duties. For instance, employees such as Cyr, who worked in collection departments, needed to know the information in the Report in order to tailor the company's collection efforts to maintain acceptable delinquency, charge off, and deferment rates.

26. AmeriCredit made the Report available to those employees on the company's internal data system, and in a paper copy of the Report that automatically printed at each AmeriCredit collection center.

27. On January 2, 2002, Cyr, an assistant vice president of collections in the Arlington, Texas collection center, in the ordinary course of his duties, obtained the Report from a company printer, summarized the Report in a single page, and e-mailed that page to several managers and other employees in AmeriCredit's collection centers, via the AmeriCredit computer system. Cyr's e-mail message showed delinquency and charge off rates for each collection center, and collectively for the company.

28. AmeriCredit knew or recklessly disregarded that Cyr had access to the Report in January 2002: the company made the Report available to Cyr because he needed access to the Report in the ordinary course of his duties.

29. AmeriCredit also knew or recklessly disregarded that Cyr actually saw the Report on January 2, 2002, because Cyr circulated a summary of the Report via the company's e-mail system, as part of his assigned duties.
AmeriCredit's Knowledge of Cyr's ESOP Trade on January 2

39. Late in the afternoon on January 2, 2002, E*trade e-mailed a confirmation to AmeriCredit detailing the ESOP trade that Cyr made that day.

40. On January 2, 2002, AmeriCredit knew or recklessly disregarded that Cyr had access to material nonpublic information in the Report, including delinquency rates, charge off rates, and the number of accounts deferred, because the company made the Report available to Cyr for use in the ordinary course of his duties.

41. AmeriCredit also knew or recklessly disregarded that Cyr had actually accessed the Report, because Cyr used the AmeriCredit computer system, on January 2, 2002, to e-mail a summary of the Report to a number of AmeriCredit managers and collection employees in different collection centers.

42. Therefore, from January 2, 2002 forward, AmeriCredit knew or recklessly disregarded that Cyr had traded in the company's stock while he was in possession of material nonpublic information.

43. By virtue of that knowledge, AmeriCredit knew or recklessly disregarded the fact that Cyr was likely to trade in the company's stock while he was in possession of material nonpublic information.
AmeriCredit Failed to Take Appropriate Steps to Prevent the Illegal Trade that Cyr Effected on January 4, 2002

44. While knowing or recklessly disregarding the ESOP trade that Cyr made on January 2, AmeriCredit did not take any appropriate steps to prevent Cyr from again trading in AmeriCredit stock while he was in possession of material nonpublic information.

45. On January 4, Cyr again used his ESOP account to trade in AmeriCredit stock while he was in possession of material nonpublic information.

46. AmeriCredit is subject to a civil money penalty because, with knowledge of or reckless disregard for the fact that Cyr was likely to trade in the company's stock with awareness of material nonpublic information, AmeriCredit failed to take appropriate steps to prevent the illegal trade that Cyr effected on January 4, 2002.
January 10, 2002 Earnings Release and Market Reaction

47. On January 10, 2002 at 4:18 p.m. CST, after trading on the New York Stock Exchange closed for the day, AmeriCredit publicly announced its earnings for the quarter ending December 31, 2001 ("the Release") via Business Wire.

48. In addition to a variety of favorable earnings data, the Release included the increase in delinquency and charge off rates that appeared in the Report.

49. On January 11, 2002, analysts began publishing research reports discussing the Release. The analysts acknowledged AmeriCredit's favorable earnings results for the quarter, but they also uniformly cited the rise in delinquencies as cause for doubt about the quality of AmeriCredit's loan portfolio, and loan recovery rates. Research reports also included charge off and deferment rates as contributing to these concerns. An analyst at Bear Stearns downgraded AmeriCredit stock "primarily [because] delinquencies and losses are rising faster than we had originally anticipated and the margin isn't providing enough of an offset."

50. On January 10, 2002, the last trading day before the Release, AmeriCredit stock closed at $28.01, on volume of 2,403,600 shares.

51. After AmeriCredit disseminated the Release, and after the analysts' reports began to appear, the volume of trading in AmeriCredit shares increased sharply, and AmeriCredit's stock price dropped. It closed at $25.04 on January 11, 2002, on volume of 10,539,000 shares. On the next trading day, January 14, 2002, it closed at $22.60 on volume of 5,494,200 shares.
CLAIM FOR CIVIL PENALTY

52. Paragraphs 1 through 51 above are hereby re-alleged, and incorporated herein by reference.

53. On January 4, 2002, Cyr violated the federal securities laws by selling AmeriCredit shares while he was in possession of material nonpublic information about AmeriCredit.

54. On and after January 2, 2002, AmeriCredit knew or recklessly disregarded the fact that Cyr, whom the company directly or indirectly controlled, was likely to purchase or sell a security while in possession of material, nonpublic information, in a transaction on or through the facilities of a national securities exchange, or from or through a broker or dealer.

55. AmeriCredit failed to take appropriate steps to prevent the illegal acts that Cyr committed on January 4, 2002.

56. By reason of the foregoing, AmeriCredit is subject to a civil penalty pursuant to Section 21A of the Exchange Act.
PRAYER FOR RELIEF

WHEREFORE, the Commission respectfully requests that this Court:
I.

Impose a civil penalty to be paid by AmeriCredit, the amount of which shall not exceed the greater of $1,000,000, or three times the profit gained or loss avoided as a result of Cyr's violation; and
II.

Grant such other relief as this Court may deem just and appropriate.

Respectfully submitted,

Stephen J. Korotash
Oklahoma Bar No. 5102
U.S. Securities and Exchange Commission
801 Cherry Street, 19th Floor
Fort Worth, TX 76102
817-978-0581

Blame the previous president for all this mess. And the republicans for allowing these loan companies to treat us like s**t. People have lost there jobs & there cars get repoed & their homes foreclosed.


These bad businesses don't help the economy either. People need to put the blame where It belongs & the rest of the crooked republicans.


The republicans are the reason, why we have so much problems today. Which Is the reason why us non rich citizen get ripped off & taken advantage & treated like crap.


Every single day. Buy the way If people don't like I said that I do not car.

Blame the previous president for all this mess. And the republicans for allowing these loan companies to treat us like s**t. People have lost there jobs & there cars get repoed & their homes foreclosed.


These bad businesses don't help the economy either. People need to put the blame where It belongs & the rest of the crooked republicans.


The republicans are the reason, why we have so much problems today. Which Is the reason why us non rich citizen get ripped off & taken advantage & treated like crap.


Every single day. Buy the way If people don't like I said that I do not car.

Blame the previous president for all this mess. And the republicans for allowing these loan companies to treat us like s**t. People have lost there jobs & there cars get repoed & their homes foreclosed.


These bad businesses don't help the economy either. People need to put the blame where It belongs & the rest of the crooked republicans.


The republicans are the reason, why we have so much problems today. Which Is the reason why us non rich citizen get ripped off & taken advantage & treated like crap.


Every single day. Buy the way If people don't like I said that I do not car.

Blame the previous president for all this mess. And the republicans for allowing these loan companies to treat us like s**t. People have lost there jobs & there cars get repoed & their homes foreclosed.


These bad businesses don't help the economy either. People need to put the blame where It belongs & the rest of the crooked republicans.


The republicans are the reason, why we have so much problems today. Which Is the reason why us non rich citizen get ripped off & taken advantage & treated like crap.


Every single day. Buy the way If people don't like I said that I do not car.

First off i know alot of predatory lenders and from the looks of it you didnt pay your bills or claimed that you have and they took your car. ANd just because it is private property does not mean the bank cannot retake its property. By not paying your loan you are effectively stealing that car since you have no rights to that vehicle because the bank or americredit in this case holds the lien/ title to your vehicle and you owe them money . i would check your state laws on repossession before saying they cant come on your property. state law may supercede your HOA or complex rules. Thats mostly for soliciters anyways. If you have proof that you paid them and they took it out of your account then you have a legitimate case. if not then you didnt pay them. Also 447.00 a month is your minimum payment. and like a credit card the minimum payment is mostly for interest. try paying a little extra if you can next time you will see the price go down alot faster. Also depending on your credit score 16% is pretty fricking good considering most places will put you in the low 20s on interest. maybe you should have kept driving the taurus.

Americredit repossessed my 2005 Mazda from private property and also by a breach of the peace,Americredit uses erroneous billing,and has the customer service claim they did not receive payments,they have absurd interest rates that should be illegal,my original loan was $18,300.00 I paid for 2 1/2 years and they claim I still had a $13,300.00 balance,my payments were $447.00 a month,americredit has had many problems in the past with civil legal and criminal allegations,I will sue americredit for civil damages and have reported my incident to all Federal and state authorites,it appears this company is into Rico,money laundering,fraud,securities fraud and ripping off consumers the authorities are finally going to bust the criminal operation that they have been operating they will be taken down,there should be new laws applied to financing of autos that don't allow predatory lenders,and repossession should not be allowed on any retail contract that has been paid for more than 25 monthly payments,americredit uses threats and cooks the books to make customers appear bad,americredit's party is coming to an end,it is over,now take the punishment.

Why you think a lender closing offices or laying people off has anything to do with the terms of the contract you signed. You signed a legal loan document and the employment status of a lenders employees has nothing to do with your promise to repay a loan.

Why you think a repo is grand theft. The lender has holds the lien and are getting their property back. It is not your vehicle until the last payment is made.

Why does prior credit history of no repossesions have any bearing on the current loan default.

Why paying your insurance premiums means they shouldn't repo the vehicle when you default.

Why is Americredit a predatory lender? They are a sub prime lender for those with less than perfect credit.

Why would Americredit repo the vehicle? A lender repos a vehicle for non- payment. They will make less money by a repo than if you were to go full term on your loan.

How much additional did you pay on your monthly payment? Perhaps you were confused thinking that paying additional would have let you skip payments.

Americredit continues to lie about their illegal business practices and unsavory ways,there are in fact over 338,000 complaints against Americredit, on the internet,they continue to take advantage of consumers using any means they can to obtain quick liquid profits,the fact is they have closed many of their offices and have let the employees go giving them only a small severence pay.In fact, in the so called employee rebuttal to my posting,the rebuttal doesn't explain how they ordered a repossession to take place by entering private property and taking a vehicle when it was clearly objected to,which is in fact a breach of the peace,all illegal and therefore committing a grand theft,the fact is I have had many other vehicles financed and paid in full which is a record on my credit report,I have never had a repossession until this illegal predatory lender has taken my car illegally,I have maintained full coverage insurance for the past 20 years without a lapse in coverage,the question is does a consumer pay insurance and a $460.00 payment 9 days prior to repossession have any idea that the finance company wants to repossess the vehicle? They gave no notice of intent,they illegally entered private property,they took the vehicle with clear objection which is a breach of the peace,we shall see who prevails in a court of law when all the facts about Americredit are in the light and the past history of Americredit's criminal operation,also fact my first payment was 09/04/2006 for $447.00 if you count the months from that date until the repossession date you come up with 28 months they in fact state I made 26 payments on the monthly statement,I even made payments to this co that were over and above the $447.00 I have a complete record from western union to further back up my payments to Americredit,I have notified the attorney general of the state of Pennsylvania and California of this incident,also the FTC,FBI,various local and state authorities,the record of Americredit speaks loud and clear and the 338,000 consumer complaints also speak loud and clear,Americredit will be shut down and a major investigation into what they are really up to is pending.

Salvatore

I am so glad to see an ACF employee come aboard and set the record straight. ACF is a great company and is highly rated by several of the top brokerage houses, as you probably know. The vast majority of those complaining about their experiences with sub prime lenders is by those who continue their history of not paying their bills on time. The poor victum...they are so-o-o-o hurt by the creditor doing what they are legally permitted to do because the borrower didn't do their end.

We have a mindset developing that says "you OWE me a car"..."you are hounding me because I'm black, white, an unwed mother, a senior citizen etc, and not because I don't pay my bills on time"...I could go on and on.

ACF provides a needed service as a sub prime lender. There are many good people working for ACF and ACF is an excellent investment.

This is a very interesting report, and the others that follow. It seems that customers such as Salvatore seem to act as though they are the victims. While reviewing his actual account with ACF, it is true that Mr. Pezzino did keep the acct in good standards up until a certain point. He continuously fell behind, and the funny part about it, Salvatore emailed ACF on several occassions responding to his deliquency of his account and was fully aware of his status. But yet never followed through with his "arrangments".

Acted as though he is a victim of "illegal repossession" when his account was 4 months past due? Obviously if the car is not being paid for (bringing down to a reasonable deliquency status) the account is at risk. Salvatore chose not to communicate with ACF to make secured arrangements on his acct therefore gave ACF the right to take back what was not being paid for.

Now, ACF did try to reason with this man to allow him to reinstate. But because of his vulgar attitude and languaged used towards ACF representative, ACF chose (which they have the legal right) to not reinstate his loan unless he paid the vehicle off in full. This was a decision made based upon this specific customer's actions and usage of words of immaturity of this entire situation.

Please see the reality of this outcome...

You cannot keep something (your car) if you are not abiding by the contact (paying your monthly bill). It is as simple as that. ACF is no different than any other lender such as Chase, Wells Fargo, etc...
In this case, Salvatore, was well aware that he was behind (emails from customer for proof) submitting payments just as he pleased is not goin to satisfy his loan. ACF felt as though this was a risk. Therefore futher actions were taken.