I have also been a victim of Americredit fraud. I didn't realize when I signed my loan docs for my car I was signing my life away. First, most consumers don't know that Americredit loans are simple interest loans. This means, unlike regular car loans, you pay the interest of your loan off before you pay the principal off. It isn't distributed equally. If you pay large sums of money on your car, even in the beginning of the loan, it's going to the interest. Secondly, the interest rates on these loans are ridiculous. There should be some sort of predatory lending law regulating Americredit loans.
I did not know any of this info when I purchased my car. After 4.5 years of this lousy loan, my car was stolen and they are still uncompromising in terms of my payments. My insurance company paid a large amount for my car, but since I was in a simple interest loan at a 15% interest rate, my car still isn't paid off.
I'm still making payments on a car I don't have and do you know when they recieved the payment from the insurance company, that didn't constitute as a car payment for that month. I was still responsible for making my regular car payment, after renting a car for 1.5 months, although they recieved a payment from the insurance company.
Finally, after all the back and forth with Americredit, they had the audacity to ask if I wanted to purchase another car and add that amount to my current loan. At 15% interest, I told them they were crazy! I would be willing to participate in a class action law suit because I know some if their business practices violate some law and are unethical.
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