GMAC is just a big rip-off and I wish I knew before agreeing to get mt automobile financed by them.
I have been making payments on my automobile since 2006. Now for every loan calculated based o n simple interest for a given length of time we all know that the interest rate is divided per the number of days in a year and then multiplied by the number of days in a month then multiplied by the unpaid balance to get a monthly finance charge. But how some months with 28 days have higher finance charges than months with 31 days. That was the first red flag. So I called GMAC to find out how they come up with monthly finance charges. I was told the same thing I figured. So I asked the rep why my Feb months have higher finance charges than Jan. They came up with a crazy logic. My monthly payments are due on the 23rd of each month and I have never been late. I always like to send my payment out on the 15th of each month so that it gets posted on time by the due date. They came up with a silly excuse that if my payment is received and posted on the 19th of a month for instance, then the next months finance charge will include the days b/w the day I pay and my payment due date. That didnt make sense to me b/c to the best of my knowledge most finance companies would be happy if customers pay in advance.
Another thing is if you make payments, the finance charges should reduce as your payment reduces and mind does not. Does anyone know of any lawyer I can contact to file a suit in the Atlanta metro-area? Please advise
0 comments