I would like to report that Americredit has rather harsh terms for their car loans. It turns out that you can be considered in default is your payment is only as little as 40 days past due!!! Now, granted, people should pay their loans on time, as should I. However, the loans are typically 4 or 5 years long, so being late for a month or two over that period is not really that big a deal. The company actually makes more interest the later you make your payments. However, Americredit has found me in default and has already gotten a court order to repossess my SUV even though I was only 45 days past due. One payment really!!! To me, it sounds like what they really want to do is make car loans, then repossess said vehicle, then make another loan against it, and repeat. I am the third owner of this car, and now I think I see why. The car is actually very good, not a lemon at all. But I think Americredit purposely wants to trap people into default so they repossess, re-sell and reap more interest. No dealer or bank I am aware of starts a repo process after only being 40 days late. Most wait until 90 days, some start at 75 or 60 days. Americredit is the only one I know of that starts the process this soon. Just be aware.
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