I have been an AmeriCredit customer for over 6 years. My first loan was paid in full. I bought another vehicle and was financed again with them because my credit was not perfect. My gross monthly income was about $5,000.00 so I could afford a higher monthly payment when I was employed. When I bought the vehicle from the dealer I was told my loan would be for 72 months. I was told my interest rate would be about 12%. So I agreed and purchased the car. After about a week I was contacted by Americredit and told then that my interest rate would be 18% and the loan would be for 79 months. That was in August and I reluctantly agreed to these terms. I should not have done so, but I was in need of a newer and more reliable car for work. I continued to make payments and then in January I became disabled and had to quit my job on the advice of my doctor. I have a severe back problem and have developed Alzheimer's Disease. I went 6 months without any income until I could qualify for Social Security Disability. I now require about $800.00 in medical expenses each month and my income has been reduced drastically and is now fixed. I have tried to get my loan re-financed or have the interest rate reduced so that my payments are more affordable. AmeriCredit does not make that possible for their customers, no matter how long they have been a customer. I have fallen behind a little in my payment and am now about 1 payment behind. They add on late fees and will not allow mw to change my payment date to avoid the late fees. I only get 1 disability payment a month and it comes about 2 weeks after my loan due date. I have called them and e-mailed them to try and get some relief and leniency since I will never be able to return to work again. They harrass by phone and by e-mail and are rude and adamant and relentless and have no compassion or understanding of someone in financial duress. The more they can make from you the better it is for them. I want to keep the car and am willing to continue making the payments but just ask for a little flexibility om occasion depending on my medical expenses. They are at the point of driving me insane through stress and rudeness and constant badgering and harrassment. They call 8 times every day, regardless of how many times I try to talk to them and explain my condition and circumstances. I am not asking them to just give me the car and excuse my loan. I just would like them to give me some way to make the remainder of my loan more affordable on a monthly basis. I receive $1783.00 each month and my car payment is $435.00 without any late fees. I have made 43 payments on a $18,000.00 loan at $435.00 a month and they tell me that my balance is still about $12,000.00. If this is not a predatory type of loan with an unreasonable interest rate with absolutely no flexibility of terms or forgiveness, then I don't know what is fair anymore. Especially in a time when we have to watch the government bail out big wall street firms due to their greed and mis-management while the working class and little people who have to struggle get the raw end of the deal time after time. I would just like to see some of these companies, like AmeriCredit help their customers try to survive a little more and not just exist for making the largest profit they can and making their customers hate them. And believe me... I have never hated a company more in my entire life... But I don't have another option unless I just surrender my vehicle like they want me to.
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