Be forewarned= anyone considering finacing a vehicle through GMAC.
First of all, if you read the fine print, and no one does-all anyone can see is the new car they are buying-the fine print says palinly that in the event of any kind of dispute on legal grounds and therefore a matter for a court to decide by a jury of your peers... This you throw out the window right off the bat as you sign.
What you agree to is to allow your lender to turn over any dispute to an "Arbiter" of Their Choice (one with whom they have a financial agreement=you have no such agreement with these so called impartial arbiters thus you have no chance whatsoever)
Let's assume that you have missed a payment, and that you have only part of the payment. The first thing you discover is that GMAC does not accept partial payments... That means you pay two payments by the date of the next due date. Meawhile, even though you have spoken to them on the phone, and discovered that you must wait now until your next paycheck to make two payments... They call you every... Single... Day... Several times a day.
Their objective is to stress and shame you to the absolute maximum... To rub your face in your "shame" every single day of your, now, wretched, miserable, unhappy life.in this way, they bully you, shove you around, humiliate you, cause you such emotional duress that you make mistakes at work you are so distracted and agitated.
Is this lawful? Not in North Carolina! There is a law on the books that strictly ans specifically prohibits daily calls with the intent to place a debtor under maximum stress. So there GMAC is in clear violation of the law, and should be subject to arrest, and arraingment before a court of law, and fined, and made to pay all court costs... But remember? You signed away your right and priveledge to a hearing in court, and a subsequent law suit against GMAC.
Let's say that you have missed a payment for the third time in two years= GMAC will send their professional car thieves to come and trespass on someone's property-anyone's property, it doesn't have to be the car owner's property. Anybody's property at a few minutes after midnight, the very day the second payment is due!
In this way, again, they can rub your face in abject shame and public humiliation so they can "teach you a lesson you will never forget that they have absolute power over you, and you have absolutely no recourse to the law!" And you foolishly agreed to all of this when you signed that financing document.
Technically, they have the right to violate the law by way of phone harrasment, violate the law against trespassing, and to violate the law by stealing your car! And the local Sherrif will let them do all this.
And all of the above is not the worst part! Your stupid vehicle lost 25% of its worth the minute you left the car dealer. That means only one thing... Your new car is not worth what you paid for it. A huge profit was realized as a direct result of your trusting nature, your naivete.
And it gets worse your car will be sold for as little as a dollar, and you will be legally required by law to pay the remainder that you owe yet you get no car you get "nada"
Wake up, people. It is not illegal to rob someone... But if you LET them rob you by signing the papers...!
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