I am in the same situation as most of you on this site. I too had poor credit due to divorce/lost business, and I needed a car. I went to a large Ford dealer that advertised that they could help people with no/poor credit. I told the salesman that I could afford 400 per month in pmts. I picked out 3-4 vehicles and of course there was something wrong with each of them as to why I couldn't have them, too old, too many miles etc. Finally he found just the car for us, it had so much equity that he would have no problem with financing.
I took the deal even though it was more than I could afford (600), but with my credit score it was the best that he could do. He advised me to keep the car only one year and then bring it back to him to trade it in to get something with lower interest and payments, and since there was so much equuity in the vehicle this was a promise he made to us.
So I went back a year later, and now I find out I am 10,000 upside down, mostly due to the interest rate charged by AmeriCredit. I lost my job (Mar03), and am 3 mos behind, and I called AmeriCredit to tell them the situation and there was no help. They told me to get 3 estimates from 3 buyers even though the dealers would only give me 17,000, when I owe 26,000.
I find this outrageous. I feel railroaded by the salesman, and how he only could get one vehicle financed with the only credit company, and then promised to take it back for a trade-in with all the equity and then I would get my credit re-established. All promises, and lies!!! If AmeriCredit can accept an offer for 10,000 less and not give us a chance to get the payments together (less than 2000), this is deceptive business parctise.
I will not give the vehicle back, and be damned if they will find it.
Sandi
Coquitlam, British Columbia
Canada
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