topic Predatory activities of GM Financial company in Auto Loans

Predatory activities of GM Financial company

Videoguy — Sat, 12 Jun 2021 21:28:13 GMT

Can anybody help me with advice? It is about car lease end.

My wife had 38-month car lease from GM Financial. 38 payments was paid, never late. The last payment was on May 25, 2020. It shows 0 balance, paid in full, newer late on all 3 CRA's as of June of 2020.

Since we choose not to lease another vehicle from GM, we returned the car on June 25, 2020 and dealer promise to send us the final bill (lease termination, Wear and Tear, etc.). After approximately 2 1/2 months I called GM Financial to inquire about the bill. They direct me to the web site, where I can see the itemized bill and on September 23, 2020, I paid the bill in full.

Incidentally, last week I find out, that GM Financial reported this account to all CRA's as 30 days late on August 2020 and my wife FICO score drop 85 points.

Upon inquiry with CR of GM Financial we find out, that they "GENERATED" (they did not said they send it on that day) letter with final bill on July 27, 2020, with due date set in 30 days. However, we never received any letter from them, not even past due notice.

Now, even in case they really did send the letter (that we did not received) and set the due date 30 days after generating the letter, that would make due date on August 27, 2020 and 30 days late would be anytime past September 27, 2020, right? However, we paid and they RECEIVED the payment on September 23, 2020.

Anybody knows if:

1. can they reverse already reported account "satisfactory paid on time, newer late" into 30 days late because of charges acquired AFTER said lease contract expired (38 months)
2. Can they really report account 30 days’ late if the payment was made before (4 days) the past 30 days limit?
3. Any additional suggestions? (We are just starting the fight).

BTW, my wife FICO score before was 790, she never miss any payment anywhere in the past 10 years.

Thank you

Re: Predatory activities of GM Financial company

babygirl1256 — Mon, 14 Jun 2021 12:07:53 GMT

Greetings Videoguy ~ Sorry that you and your wife are experiencing this issue with GM Financial. In 2019, I had an issue with GM Financial, I spoke with multiple CSRs and I requested to speak with a supervisor, the CS supervisor refused to removed two late payments and boasted that no one could override his decision . . . well, long story short . . . I was able to locate an Executive VP -and- explained the situation -and- that EVP went back to the same CS supervisor and instructed him to remove the late payments and I've had no problems since. I will private message you the EVP's contact information. Hope that you will be able to resolve the issue to your satisfaction. I was very happy and appreciative of the EVP's assistance but hoping that the CS supervisor learned . . . never say never!!!

Re: Predatory activities of GM Financial company

4sallypat — Mon, 14 Jun 2021 13:56:50 GMT

OP: at lease end, was there an inspection done by the GM dealer or 3rd party inspection service ?

Were there any excessive wear/tear, alterations, miles, etc. ?

I have not had a GM lease, but have had many BMW and Land Rover (Chase) leases end without an issue.

They will send a letter and email stating the amount due itemizing: over miles, wear & tear, tires, wheels, dents/dings, etc..

They gave me over 30 days of the letter to pay the amount - it was check that I needed to send in - they will not do an auto bank debit like they did for the past years...

Re: Predatory activities of GM Financial company

Anonymous — Mon, 14 Jun 2021 14:15:50 GMT

I've never leased with GM, but have with others. During each of my lease terminations, I've been able to review the itemized costs (if any) and then been given the choice to pay immediately at the dealer or to settle up with the lender at a later time.

That said, this process does not take months and after even a few weeks, I'd have been on thr phone making certain my obligations were settled. Waiting 2.5 months to look into this isn't going to help you in your quest to have these lates removed. Did your lease agreement spell out how long you had to settle up on any lease termination charges?