Complaint Review: GM Financial - Arlington Texas

 In your original report..in fact the Title of your original report you stated..."GM Financial will not work with you".  But in your update you stated "I did miss two payments".    So what did they do when you missed those payments?  I bet they "worked" with you.  Now..is it what YOU wanted..probably not.  So perhaps you should change your report to "GM Financial won't do what I want them to do".

As to the details of your loan...

If you are saying you are only paying $370/month..there is your problem.  $16,900 at 22% for 6 years gives you a monthly payment of around $424/per month..or over $50 MORE than what you are paying.  Basic economics would then indicate that your balance should actually be going up(which is NOT how loans are designed..regardless of what you think).   So perhaps they have done more for you than you think(or are going to admit).   Where this and the missed payments could explain why you are only down $1000 on your balance.

Oh and as an FYI while my history doesn't matter.  Let's just say that a responsible person won't go out and buy a $16,000+ car if they have credit issues or perhaps living outside of their means.  You can find decent(notice I did not say great) cars for thousands less.  Where if you did that not only would you have had lower payments, you probably would have had it paid off sooner and been able to improve your credit.

it was 16,900 for 6 years @ 22% (I made a mistake on the percentage) I did miss 2 payments after losing my job due to my health.

but then paid several months in addvance.

As for calling dr phill, to the first dumb a*s who responded, he's full of sh* too!

You insulting sh* heads have no clue about what happened in my life in this past year.

I had to stop working due to my health. I've worked steadily for 34 years.  I've been a single parent for of my childs 31 years because of a  low-life sperm doner left us right after she turned 1 year old. I've worked hard all of our lives.  I purchased a home in 2007 on my own.

4 years later bought a car. Only to lose it all in the economy. I held on with everything I had to keep the car.

Some of us WORK HARDER than most for what we have. Now you and I know that these financial institutions CAN help. They could have refinanced or modified the lone. They could see when I purchased the home that I was trying to better myself and my finances.

They do prey on those with less than perfect credit.  20% interest is utterly disgusting.  I only took it because I could not afford a high downpayment and my old car was falling apart and my job was 23 miles away.

"There alt to be a fricking law against these wolves."

If lenders were not permitted to enforce the terms of a loan they would not offer credit to anyone that has less than stellar credit. That would seriously damage the home, auto, appliance, electronics, clothing and an untold number of other industries. The economy would be crippled. Without available credit many industries would never have started.

"You know they CAN help, but they JUST DON'T CARE!"

They lend money to increase car sales; they are not in the 'care' business. If you want someone that cares, call Dr. Phil.

 But no where in your loan agreement does it say you only have to pay on your loan when you can.  Nor does it say that they must do something if you can't.   As you stated..you should have walked out.  But by you not walking out..you can't complain afterwards for the situation you got yourself into. 

You don't give any details such as the original balance, or length.  But knowing that you have paid on this for 2 years and had a payment of $370 can tell us a couple of things.

As an example(that may or may not be accurate).  A $15,500 loan at 6 Years and 20% interest you would have a monthly payment of around $370.  Now, according to you, you have been paying on this loan for 2 years and your loan has only gone down $1000.  If you look at an amortization table..24 payments would have your balance reduced by about $6,000.  But that is if you paid ON-TIME EVERY MONTH..and ON-TIME means ON or BEFORE the due date.  As being late you get additional interest assessed as well as possible late fees.  So perhaps your payment history isn't that perfect..which may explain how you went from a 13% interest rate to a 20% interest rate.

Oh and as the other poster said...there is NOTHING(well except for your credit) that would keep you from refinacing the loan with another company.

" Why do these idiot companies and banks make it harder for who are actually trying to better their credit? "

  The only thing that makes your credit better is paying on time as agreed.  They gave you an opportunity to do that.  It is not their responsibility to make sure you do it.   Since you claim that they have already made allowances for you before, what more do you want them to do?   If your credit was such that you qualified for a refinance at a lower rate, you could easily approach any other financial institution and get it done.   The reality is that you cannot afford your car anymore and you'd like to blame someone else for it.   Good luck with that.