Problem with General Motors

[custard]

What is the name of your state? MD
In August 2003 I purchased a GM car and began making the payments from the time I first received the payment booklet. I have never been late and everything went well for the first year then I received notice that GM purchased an insurance policy to protect its interest because they do not show that I had insurance on the car. Well I could not drive off the lot without it. They finally cancelled the policy when they realized that I did indeed have a policy (which never lapsed). Two days ago I received a call at work from a GM representative stating that I was a month behind on my payments because (two years ago) when I bought the car I did not make a payment within 30 days as was required. I told her that I made payments according to the payment booklet and the first payment was due in early October 2003 which I made and continued to make on time. Yesterday I received a registered letter from GM stating that I owe for one month and I must consider the letter my notice of their intent to repossess if the payment is not brought up-to-date within two weeks. I would like to reach the CEO but I can’t find his email address nor that of anyone who might have the clout to solve this problem. I would also like to know what my rights are. Please help. Thanks

 

[Some Random Guy]

First, if at all possible, pay the extra payment within two weeks. Then you can agrue with them about getting your money back at your liesure without worrying about a repossession. In fact, all that paying this extra payment will do is reduce your outstanding balance, so you really don't need it back.

But, it would be good to find out why they are such idiots. I would suggest that you write them and ask for a full accounting of your loan, from the original balance up until today. If possible, send them photocopies of the first stub of your payment booklet - if is shows the payment due date. Likewise if your loan papers on the car shows any due date for the first payment, photocopy that and send it to them. Ask them to explain why their initial payment date does not match your documents.

The CEO of GM won't want to talk to you about this. In fact, you probably have your loan through GMAC (http://www.gmacfs.com/automotive/)

When you get your accounting from them, compare it to your payment records and verify that all payments were applied correctly.

 

[custard]

Thanks Random Guy. I will do just that but it burns me that after two years they come to me and make me feel like a deadbeat. I bought the car with my son (college student) and hoped that by paying on time I would be doing him a favor
that on graduation he would have good credit. Thanks again

 

[Some Random Guy]

And if you are concerned about how this is affecting your credit, go to www.annualcreditreport.com (sorry, its only free after Sept 1,2005 for Maryland) and get a copy of your credit report.

If GMAC has been reporting late payments from you for 2 years then you need to jump on them because it is definitely hurting your credit score.

 

[dallas702]

....and then tell them that this is the last GM car you will ever buy. You'll be doing yourself a favor.