Americredit preys upon the needy and less fortunate Memphits Tennessee
I am a victim of this rip off co,pany as well. I was in the same boat as many of their customers: Poor credit and in desprate need of a car. I am a woman and this was my first time purchasing an automobile. Well after my loan was denied several times by other credit agencies, they were the only agency to approve my loan.
Being that I knew nothing of the company,I felt like it was my lucky day. When in reality it was the exact opposite. I was signing every dime I would hope to save away. I bought a car that retails at $19,000 at 21% interest rate. But by the end of my 72 months I'll be done paid $38,000 @a down payment on new home):-0.
I called to get my car refinanced, but Americredit does not offer that option. I went to my crdeit union and they would approve the refinance but I would have to pay $6,000 first and finance the remainder which would be $16,000.
What a terrible mistake I made. I hope no one ever, ever, use this rip off company. You will never forgive yourself if you do!
Tmwmawajaj
Memphis, Tennessee
U.S.A.
2 Updates & Rebuttals
DEC458@MSN.COM
Cleveland,Tennessee,
U.S.A.
Response
#3Consumer Comment
Tue, November 25, 2008
Fly-N-Rider wrote:
Why did you sign?
This is sometimes a hard (and expensive) lesson to learn. You could say this particular car dealer is a ripoff, but in fact, just about any car dealer would do exactly the same thing. If you are willing to sign a 21% note for $19,000, they'll be happy to accomodate you (assuming that some high-risk finance company will agree to the deal).
What it comes down to is that if this is your only option, the truth is that you couldn't really afford a car in the first place. Certainly not a $19,000 car. You've dug your financial hole deeper by saddling yourself with ridiculously high payments for the next 6 years.
The problem with refinancing is that your loan is apparently $6,000 more than the car is worth. Your best option now is to do whatever it takes to get this car paid off as soon as you can. At 21%, the interest is going to keep you in a financial hole until you do.
Actually I know a lot of car dealers and they would not rip somebody off like this. This is the normal ones, not the ones that help people with bad credit. They do exactly like your saying. But to place them all in the same basket, saying just about anyone would, is not quite true. But, you are also right in that it looks this lady did buy way more than she could afford. This particular dealer then again probably suckered her into buying one that expensive or could have only offered her one like that, which doesn't make it right for either of them. They would both be at fault.
Flynrider
Phoeix,Arizona,
U.S.A.
Why did you sign?
#3Consumer Comment
Fri, October 24, 2008
This is sometimes a hard (and expensive) lesson to learn. You could say this particular car dealer is a ripoff, but in fact, just about any car dealer would do exactly the same thing. If you are willing to sign a 21% note for $19,000, they'll be happy to accomodate you (assuming that some high-risk finance company will agree to the deal).
What it comes down to is that if this is your only option, the truth is that you couldn't really afford a car in the first place. Certainly not a $19,000 car. You've dug your financial hole deeper by saddling yourself with ridiculously high payments for the next 6 years.
The problem with refinancing is that your loan is apparently $6,000 more than the car is worth. Your best option now is to do whatever it takes to get this car paid off as soon as you can. At 21%, the interest is going to keep you in a financial hole until you do.