GMAC Financial Services Refuses to Acknowledge Loan Balance Pay-Off Phoenix, Arizona
On 7/28/09, a dealership received our car as a trade-in, releasing us from obligation to the related GMAC auto loan.
As expected, we soon received a billing statement for the NEW car.
However, a couple weeks later, GMAC sent us "Past Due" notices for the OLD car (even though the dealership had sent GMAC the pay-off).
Upon calling GMAC, "Julias" informed us that GMAC will report us if we don't make two monthly installment's worth of payment(s) within 60 days (Sept. 8, '09).
Both we and the dealership have tried reaching GMAC for acknowledgement of the old loan's pay-off, and have been getting no confirmation whatsoever.
Last year we had done a similar transaction: we had traded in a previous car (same dealership), and GMAC promptly closed the related loan account. There were no problems that time.
But GMAC has changed since then and _this_ time GMAC refuses to acknowlege the funds which the dealership has sent to them (and the dealership says those funds have "cleared").
The dealership says this is happening to other customers as well! September 2009.
1 Updates & Rebuttals
LaVonne
Arlington,Washington,
USA
Update Sept. 14, 2009
#2
Tue, September 15, 2009
Finally today, 9/14/09, we received a 9/10/09 letter from GMAC Financial Services acknowledging the loan-payoff from our auto trade-in.
Keep in mind that GMAC Financial Services and the "dealership" are NOT the same entities. GMAC is who we had the problems with.
Our trade-in was tied to an auto loan with GMAC and the dealership produced papers releasing us from obligation, signed 7/28/09.
GMAC considered us "late" on 8/8/09, and threatened to "report" us if we didn't make a double payment by 9/8/09.
The dealership told us that the funds related to our trade-in "cleared" promptly after signing, so we should have NEVER received any late-payment notices or threats.
This we agree with. We've done similar trade-ins with this same dealership and GMAC Financial Services in the past without any problems whatsoever.
GMAC claims the payoff date as 9/9/09, which happens to be one day after the so-called reporting date!
Hopefully all is finished in this case!