My husband and I financed a car through Americredit back in 2002. We would have been paid off in August but we experienced financial hardships and had a total of 8 months of deferment (they charged me deferment fees when I deferred). This made our payoff date for this coming May.
When I checked my account online it said balance due 2400.00. I called to find out why my balance was 2400 dollars with only two payments left. The response I got was that because we were past due we acrued daily interest fees. I asked the representative to show me where on my contract it says that I have to pay daily interest fees. The representative said at the top of my contract where it says simple interest loan. I still don't understand how this explains daily interest fees. That is the type of loan that it is. I had no idea what a simple interest loan was when I financed the car and still do not know what it is.
When I was offered the defferments nothing was ever said about daily interest being acrued on my loan. I spoke to them today and they assured me that the balloon payment can be worked out in payments over several months if need be, but something does not sit right with me. If they demand all within a short time like some of the posters here. I will lose my car. This is more than my monthly income. Is there no advocates or anyone to advise us. If a class action lawsuit is started I am willing to join in.
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