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GMAC Car Loan

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T

twarren

Guest
I live in the state of Florida. I have a 1995 Honda Civic through GMAC. My payments are 342.97 a month. I currently owe about 3600 on the loan. I calculated the payments that I have made on this vehicle and they have totaled over 24,696.00. The vehicle was 11,000 when I purchased in 1995. I am tired of making payments on this vehicle, as far as I am concerned this vehicle is paid for. I need to know what I can do, it is obvious that I have paid more that double for what the car is worth. Please Help!!
 


S

shaalee

Guest
You can't do a thing but pay the balance, refinance the balance, sell the car, trade the car, or default and have it repo'd. That's how these finance companies make their money. You signed the contract and are under obligation to fullfil it; no recourse to simply say, I've paid enough.
 
E

Elliotg

Guest
I agree with the other response. However, you should check the figures on your contract. Some disreputable dealers get extremely greedy. They occasionally run the loan using a much higher interest rate then indicated on the contract given to the customer. While this is totally illegal, the dealer seldom gets caught. 99.9999% of car purchasers just assume that the figures are based upon the interest rate indicated . You should take the time to check the figures. Use a calculator and an amortization table.

If the figures indicate that the dealer pulled a fast one, then you should schedule a formal consultation with a lawyer. A good means of obtaining an attorney referral is by contacting your State's bar association or your local county bar association. They probably have a web site and charge a nominal fee for the referral. Most attorneys either provide a free initial consultation, or charge a nominal fee.

Good Luck, Elliot Jay Goldstein (Attorney with offices in Tampa and St. Petersburg)

The above information is provided as a courtesy, without any consideration and without knowledge of the specific facts. Do not rely on this information. Seek a formal consultation with an attorney.
 

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