Ameri Credit: The Ripoff Champions By Rebecca Mcglynn on - Updated Oct 15, 2011
When I first purchased my auto load through AmeriCredit I was ecstatic. I had the vehicle I needed to get back and forth to work. I had no idea that I was in for the trauma of my life.
At the time I got the car loan from AmeriCredit, I thought that my credit rating was low. Unfortunately, I didn't count on the confusing contract. Doing business with AmeriCredit made my credit rating even lower. Their customer service reps are very unprofessional. AmeriCredit's interest rates are the highest in the industry. I noticed that at the end of my loan, I paid $30,000 for a vehicle that had a list price of $13,000. That's how much AmeriCredit had marked up the loan. The only thing that was more outrageous than the interest rates, was the last payment fee with they would compound monthly. I'm not certain how they are allowed to stay in business with such unethical practices. Businesses like AmeriCredit to should not be allowed to cripple our nation's finances.
I would never do business with them again.
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Some of those deals just look so great, but the fine print will kill you. Sorry you got to find out in person.
Wow...that's quite a difference in price huh? I'm sorry that you had to use this company to get a car. Remember to read all the papers you sign especially the fine print at the bottom. They are counting on you not doing that !
What a pain this sounds like it was for you-I hope you're able to find another company that is wonderful to you!
I have heard many bad things about this auto financing company. Thanks for sharing this information and your experience with this company.
Yikes, what a horror story! Guess you always have to read that fine print!