John
Califon,#2Consumer Comment
Tue, March 24, 2009
How did Americredit cause you to get pregnant and cause you not to work? How did they break the 4 wheel drive? How did they get your husband's hours cut back? It is not anyone else's fault you chose to live beyond your means.
John
Califon,#3Consumer Comment
Tue, March 24, 2009
How did Americredit cause you to get pregnant and cause you not to work? How did they break the 4 wheel drive? How did they get your husband's hours cut back? It is not anyone else's fault you chose to live beyond your means.
John
Califon,#4Consumer Comment
Tue, March 24, 2009
How did Americredit cause you to get pregnant and cause you not to work? How did they break the 4 wheel drive? How did they get your husband's hours cut back? It is not anyone else's fault you chose to live beyond your means.
Nikki
Coconut Creek,#5Consumer Suggestion
Tue, March 24, 2009
If you want to see how most loans work, cars, homes, etc., look up an amortization calculator online. Plug in the terms of your loan. Then request it show you the monthly breakdown. You will see how much goes to principal and interest each month. I know, it's a shock when it's your first time. That's the way these loans work.
Robert
Irvine,#6Consumer Comment
Mon, March 23, 2009
But this is how all car loans work. Americredit is a Sub-Prime lender, this means you had credit issues in the past. Nothing you wrote here is any different than any other lender would be. Remember they are allowing you to borrow several thousand dollars with your legal promise that you will repay them in a timely manner. This means the amount agreed to EVERY month. During the first portion of your loan a majority of your payment will be going to interest. Just as at the end of the loan you would have found that it was the exact opposite where a majority of your payment was going to the principal(why does no one complain when this happens?). No reason to faint about this as there is nothing wrong or a RipOff in this. There is one thing that can cause "additional" interest, that is not paying your bill on-time. If your bill is due on the 1st, it is late on the 2nd. So you will be charged additional interest, as there is no grace period on payments. There is a penalty date that is generally 5-10 days after the due date, but that has to do with the assessing of late payment fees and not interest. So if you are late by a few days every month, especially in the beginning you can be hit with a bit of extra interest. You then got behind 1.5 months so you had the car reposessed, and NO it does not matter if you turn it in or they pick it up, a Repo is a repo and is treated exactly the same. Per your contract they will sell the car at auction, and auction value will be about 1/3 of Blue Book. YOU are still responsible for the loan balance. Again, this is NO different than any other bank would treat you. Because YOU made a LEGAL obligation to pay back the amount you borrowed plus interest at a specific amount each and every month. "..My wish is that anyone thinking about buying a car, get every piece of info you can and read every single line of the fine print. If you do not understand something, ask! Demand to know the intrest rate and what the payment will be. Most importantly research the lender!!!!" - Yes you are correct about this. You should NEVER sign anything unless you fully understand it. But from experience I can tell you that while they are a Sub-Prime lender they appear to be one of the better ones. Where if you actually do make your payments on-time your balance does go down, your credit will improve, and you can refiance.