Okay, so here is what happened. About 4 yrs. Ago my husband and I went to Linnahan's to look for a newer car. We traded in our older jeep for a 2002 Jeep Cherokee. We were accepted by Americredit and took the jeep home.
We made our first 3 or 4 payments. I always got the payment statement in the mail, but never really looked close at it. We just payed it every month.
When I looked closly on day I noticed the intrest was $350.00 and the principal was about $44.00, I almost fainted!!! After that we continued to pay because we had no other option, we had been taken. When we signed for the jeep this was never presented to us!!! We would of walked in the blink of an eye!
So about 2 yrs. Later, the 4 wheel drive in the jeep was not working and a couple other big repairs needed to be done. At this time we had had our 3rd. Child and I was not working. Only my husband was working and his hours were cut back due to the winter months. We were behind 1 1/2 payments and getting calls from Americredit all the time. We came to the conclusion we could not afford the jeep, so we volunteerly turned it in to Americredit. We should of kept it!!!
Americredit sold the jeep for $6,100.00 at an auction. After they sold the car and deducted it from the blance, we still owed just about as much as we did the day we signed the papers at the car dealership!!! Pretty sad uh?
We are still continuing to pay of the jeep. It is a huge headache. I wish that all of this would of been presented to us at the time of the sale. To us this seems like loan sharking!!!
We are pretty certain Americredit will get away with screwing us over. My wish is that anyone thinking about buying a car, get every piece of info you can and read every single line of the fine print. If you do not understand something, ask! Demand to know the intrest rate and what the payment will be. Most importantly research the lender!!! I have read so many rip off reports about Americredit it is so sad!!! We were stupid to sign the papers and we are still living with that mistake. Thanks for listening.
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