Complaint Review: AMERICREDIT - Phoenix Arizona

The reason it is not a RipOff is right in your own words. "i believe this why i got no notice of the hidden secret charges until after i made the 60th payment 6 1/2 years later" There is a difference between making 60 payments and paying the loan off. 60 Payments is 5 that is FIVE years so you extended a 5 year car loan into a 6.5 year car loan. This is going to cost you additional interest, and late fees. The only "fuzzy math" is the math you are trying to use to justify it being paid off with only your scheduled payments, when in fact you extended the loan.

Re-reading the posts, I realized the OP stated in his update that he made his 60th payment 6 1/2 years later. 60 payments = 5 years. Of course he's going to owe more at the end, for the 1.5 years extra it took. Doesn't sound like suprise hidden late fees to me. They should have been expected.

Come on Stan, you were late like the other poster said. It is the only logical reason why you still owed money. I am also NOT taking Americredit's side or defending them. They are in fact a subprime lender. I had a car financed through them also and made ALL my payments 2 weeks before due date to make d**n sure they had it on time and even printed out monthly bank statements to show that they took it out of my bank before the due date in case we had to go to court. But guess what, I had NO issues with them because I was NEVER late! Now you guys come on here and complain about this and that without giving all the info like "you lost your job and called for an differment" or the famous "I was late a few times". You know that when you differ payments to the end of your loan, you will always be late from that point on and will rack up additional interest over the rest of the loan life. When you are late on a simple interest loan, you will rack up interest on the late payments. If you are ever late, you just became their enemy. Like I said. I am NOT defending them at all. But, again, they are a subprime lender. Which means that you must of had bad credit to land a loan with them. Which means that they are taking a risk on you by loaning you the money for the car. If you are late AT ALL, they WILL flag you as a risk and tell you a bunch of crap and tow your car to recoup their money. No, they DON'T care about you or your dieing father/daughter/son nor do they do things the legal way. Following legal procedure sounds like the only issue you really have here. You get your statements every month and you have the option of logging on to your americredit account over the net. Both will show your late fees and interest. They are a business that cares about making a profit just as any other business would. It is up to you to make your payments on time. You probably did the deal to rebuild your credit as I did. If you find yourself in a tight spot, ALWAYS make that car payment even if that means you go without food. You can live for quite a while without it but in this day and age, you can't live without good credit and a vehicle. And if your not willing to do whatever it takes to ensure that you can make the obligations that you sign for then you should not sign for them. Just so you know, since I was never late on my car, my personal bank in my home town refinanced my car after paying on it to Americredit for 2 years for $0 down and 7%, down from Americredit's 18%. A whole $100 bill off my payments per month!! Am I happy to be rid of them? Hell Yea!! You guys have to use your heads when signing contracts and taking on obligations. Be responsible. The internet is a wonderful tool for research. If you don't understand something, look it up.

I had the same problem when I financed a car thru Drive Financial corporation. After paying for 60 months I got a bill for 800.00 that had to be paid before they would release the title. Each month when I got my statements that 800.00 dolllars was never reflected in my balance until the end. When I called the customer rep explained to me how the interest was calculated along with late fees. I learned my lesson this time around and Americredit automatically deducts my car payment from my bank account on the due date. For the past four years they have always done it on time and I keep all payment confirmations just in case they try something next year at the end of the loan. Auto pay is the best way to go and the best way to rebuild your credit.

Our car was do to be paid off in April we had made all the payments but were one month behind and they knew they were going to get the payment in March, March 19th they repossessed the car with an explaination we were 4 months behind odd I knew we were 1 month behind I had made arrangements. Now we have our car back for the money they asked for in writing now I am being ask for 500 more but no letters as to why just phone calls. I am still trying to figure out if this is legal. I will keep you posted . Contact an attorney is they best thing I can think of.

Our car was do to be paid off in April we had made all the payments but were one month behind and they knew they were going to get the payment in March, March 19th they repossessed the car with an explaination we were 4 months behind odd I knew we were 1 month behind I had made arrangements. Now we have our car back for the money they asked for in writing now I am being ask for 500 more but no letters as to why just phone calls. I am still trying to figure out if this is legal. I will keep you posted . Contact an attorney is they best thing I can think of.

Our car was do to be paid off in April we had made all the payments but were one month behind and they knew they were going to get the payment in March, March 19th they repossessed the car with an explaination we were 4 months behind odd I knew we were 1 month behind I had made arrangements. Now we have our car back for the money they asked for in writing now I am being ask for 500 more but no letters as to why just phone calls. I am still trying to figure out if this is legal. I will keep you posted . Contact an attorney is they best thing I can think of.

nikki your rebuttal i will investigate its very diffucult to find out how americredit calulates additional payments after the 60th payment i got another huge bill for more payments americredit uses no paperwork or letters i didnt recieve no notice about nothing just phone calls demanding more money, i cant figure this out many companies send you bills and official letters notices , not americredit thats makes me even more suspicious, NIKKI i want to prevent others from being ripped off by americredit. americredit cliams i owe additional payments beyond 60th payment , but they sent no paperwork stating this if they did i could read it and find out why etc. i will keep you posted

nikki your rebuttal i will investigate its very diffucult to find out how americredit calulates additional payments after the 60th payment i got another huge bill for more payments americredit uses no paperwork or letters i didnt recieve no notice about nothing just phone calls demanding more money, i cant figure this out many companies send you bills and official letters notices , not americredit thats makes me even more suspicious, NIKKI i want to prevent others from being ripped off by americredit. americredit cliams i owe additional payments beyond 60th payment , but they sent no paperwork stating this if they did i could read it and find out why etc. i will keep you posted

nikki your rebuttal i will investigate its very diffucult to find out how americredit calulates additional payments after the 60th payment i got another huge bill for more payments americredit uses no paperwork or letters i didnt recieve no notice about nothing just phone calls demanding more money, i cant figure this out many companies send you bills and official letters notices , not americredit thats makes me even more suspicious, NIKKI i want to prevent others from being ripped off by americredit. americredit cliams i owe additional payments beyond 60th payment , but they sent no paperwork stating this if they did i could read it and find out why etc. i will keep you posted

nikki your rebuttal i will investigate its very diffucult to find out how americredit calulates additional payments after the 60th payment i got another huge bill for more payments americredit uses no paperwork or letters i didnt recieve no notice about nothing just phone calls demanding more money, i cant figure this out many companies send you bills and official letters notices , not americredit thats makes me even more suspicious, NIKKI i want to prevent others from being ripped off by americredit. americredit cliams i owe additional payments beyond 60th payment , but they sent no paperwork stating this if they did i could read it and find out why etc. i will keep you posted

My research showed that americredit uses no paperwork or very little paperwork because all this is illegal and unethical many others have been ripped off by americredit after the 60th payment i have come to find out ,i believe this why i got no notice of the hidden secret charges until after i made the 60th payment 6 1/2 years later, and no paper work explaining nothing, americredit wants to leave no papertrails., no paper trails ,reciepts or records. americredit is a predator lender buyer beware i will keep a daily record of events , then weekly if other consumers want to know how it all ends. this kind of tricky financing should be illegal and stopped who wants to keep paying more payments after 60th payments

IM STILL SHOCKED THAT AMERICREDIT CAN REPOSSESS YOUR CAR EVEN AFTER 60TH PAYMENT ON A 60 MONTH LOAN

I trusted because AMERICREDIT was a big corporation that this would or could not happen,i believed that they would have some ethics and morals and would not cheat customers right after the loan was paid off. customer service always was treating me good until i paid off the car my 60th payment and they wanted additional late fees then things seem to good bad. finally i made the 60th payment and then they repossessed my neon.

I am not defending Americredit, but here's what probably happened. Most likely you had a simple interest since that is what most car loans are these days. No one explains what a simple interest loan is, they just figure you must already know since you signed the contract that states it is a simple interest loan. Most people don't realize that this is loan that differs from what they are used to. If your payment is due on the 1st, and you pay on the 2nd, you have to pay extra interest for being 1 day late. There is no grace period. If you pay on the 10th, you have to pay extra interest for 10 days. 10 days late may seem just fine, it's not like you are 30 days late, but in a simple interest loan, 10 days late can be problematic. Let me give you a rough example. These loans can be difficult to figure out, but here goes. Say your payment is $500 per month, and in the beginning of your loan, $420 goes toward interest and $80 goes to principal. This is if you pay the loan on time. Since $420 goes towards interest, that amt divided by 30 days = $14 per day. If you are 10 days late, that is 10 extra days worth of interest = $140. When you make the $500 payment, the $420 goes towards interest for the month, plus the $80, which was supposed to go towards principal, now goes towards that $140 extra interest you have to pay. So the month you were 10 days late, NO MONEY went towards principal and you are, in fact, still $60 in the hole for late interest. Next month, if you make the payment ontime, around $420 goes to interest for that month, $60 goes towards the extra interest from last month, and the rest goes towards principal. Do this enough times and you may end up not paying any money towards the principal for months. This is probably why you still owed money at the end of your term. Did they send you a bill for the remaining money owed and you said no way, you are done paying? It's a shame that you did not figure out why you still owe money before they took the car.

americredit illegally stole my car after i made all 60 payments, AMERICREDIT never sent my any notification of reposession also , my car disappeared after the 60th payment. I want to help other people avoid the scam ,dont trust them even know their a big corporation they are ripping off americans