In April I bought a new Grand Prix from a major dealer in Austin, Texas and was told right away that I was aproved for financing but not told by whom. It turned out that the company was AmeriCredit and was never told by the dealer that it was a second chance finance company. The year before I had a new car and it was financed by a major big three finance companys at the interest rate of 8%.
All my payments were made on time and the car was paid off 2 years early. At trading this car in for my new one I did not have enouth to put down so one of the big three auto financers would not except it and the dealer did not tell me that it was being put through a second chance finance company at an interest rate of almost 17%. I was told my payments would be less then 500 a month and the first payment notice I received from americredit the payments were over $600. Things were also added without my knowledge, like gap insurance, life insurance that added up to more the 2000 dollars.
Everything was going ok even though the payments were so high I was having trouble making them.in Sept. Of 2003 I missed a payment but called americredit and told them that I had a family tradigy and ask for a differment and was told no. Since that time they have constantly called me, sometimes several times a day even though I had spoken to them, sent email to them, and sent a priorty letter to them in the mail.
To make this shorter I am being charged 600 dollars a month not on what I financed but on all the interest that americredit put on the note.By the time this car is paid for I would have been able to buy two of them and had some money left over to put down on a third. A car that is worth 22,000 dollars should not go all the way up to over 43,000 dollars over the period of the contract. That is over 50% interest being charged on this car.
If anyone is reading this please tell me if there is any lawsuits going at this time that I can join into and try to put this mobster company out of business. They are nothing short of being loan sharks. They do not care about you or any problems that you might have during your contact. I have paid nearly 2 years on this car and still owe as much as I financed to begin with.
Please, please if you are reading this and want to finance a car or truck do not and I really mean do not go throuh this company.
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