It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Unbelievable Buying Experience!

page: 1
8
<<   2 >>

log in

join
share:

posted on Jan, 10 2012 @ 08:38 AM
link   
Okay...first off I never really get upset too often but I am pissed today!

Here the story goes...

Every couple of years I trade my truck in on a new one...probably not really wise as a consumer...but it is what I have done for the last 15+ years.

Yesterday I took my truck down to our local Chevrolet lot and picked out a new truck. Proceeded through the miles of paperwork for my new loan...and in the end...the salesman comes out and tells me this:

"I am sorry...but right now GMAC cannot extend you credit. You'll receive a letter explaining why they have made this decision."

What the hell...I buy a new Chevy every couple of years from these people...and now all of a sudden my credit is no good?

Wasn't it GMAC that went bankrupt and had to have millions of dollars to stay afloat?

I didn't go bankrupt...matter of fact my yearly income went up...and I have absolutely no outstanding debts...my credit report is awesome...so what gives here?

It's my opinion they are a bunch of hypocrites...they go millions of dollars overboard, bankrupt themselves, and they are worried about me paying back my $46,000 loan...something that for over a decade I have proven to be accountable for!

I don't know...just pisses me off!

Now sure...I could run to Ford or Toyota...probably get approved...but thats not the point!

What happened to loyalty...years of doing business with Chevy...and they dump on me!

I can't wait to see what this letter is going to say...and you can bet they'll get a letter right back with my thoughts too!


WASHINGTON — The Treasury Department said Monday that it will provide $5 billion to GMAC Financial Services LLC, the ailing financing arm of General Motors Corp., from the $700 billion bank rescue program.


www.huffingtonpost.com...

Well...actually it was billions...not millions!
edit on 10-1-2012 by jerryznv because: (no reason given)




posted on Jan, 10 2012 @ 08:54 AM
link   
Let's hope you've not been a victim of identity theft. It could be there has been very recent activity on your credit report that has nothing to do with you.

Other than that...I'd be angry too. Customer loyalty doesn't mean squat with large corporations anymore. We are all just numbers in a data bank somewhere.

Let us know what reason GM decided that your money wasn't good enough for them anymore.

Des



posted on Jan, 10 2012 @ 08:56 AM
link   
reply to post by jerryznv
 


I feel that it's more of an indication of the state of the banking system and you might face the exact same thing elsewhere...

If banks are beginning to call in loans then they are teetering on collapsing.

Not a good time to borrow anything anyway....especially in this economic climate....

Peace



posted on Jan, 10 2012 @ 09:00 AM
link   

Originally posted by Destinyone
Let's hope you've not been a victim of identity theft. It could be there has been very recent activity on your credit report that has nothing to do with you.

Other than that...I'd be angry too. Customer loyalty doesn't mean squat with large corporations anymore. We are all just numbers in a data bank somewhere.

Let us know what reason GM decided that your money wasn't good enough for them anymore.

Des


I'll absolutely keep you updated!

I did get a copy of my credit report right before I went in...and there was nothing out of the ordinary...so I doubt it is identity theft...although it could still be! I am not really sure how identity theft works exactly...but I would think that if someone was using my S.S. # it would show up on my credit report as a new outstanding loan of some sort!

Your right though...seems I have been a victim of large corporations not giving a crap about customers anymore.

Why do they need my piddly money when the government is happy to give them billions?

It is just sad...I hate to say they have lost a customer (I love my Chevys...) but I am thinking they have!



posted on Jan, 10 2012 @ 09:05 AM
link   
reply to post by jerryznv
 


Regarding identity theft. If someone has *applied* for a loan, but it is still in the approval stages. It would not show up on your credit report as a done deal. But, it would still be in the system as applied for. Does that make sense to you...I'm not the best at explaining things.

I sure hope this is not the case.



posted on Jan, 10 2012 @ 09:08 AM
link   
reply to post by jerryznv
 


I'd be pissed off too if i was you (loyal customer).

On the plus side, it will probably work to your benefit as you can go get a decent make of vehicle instead of a chevvy!



posted on Jan, 10 2012 @ 09:09 AM
link   

Originally posted by nh_ee
reply to post by jerryznv
 


I feel that it's more of an indication of the state of the banking system and you might face the exact same thing elsewhere...

If banks are beginning to call in loans then they are teetering on collapsing.

Not a good time to borrow anything anyway....especially in this economic climate....

Peace


I agree that it is a terrible time to borrow...in my case though...I borrow to keep my credit alive and fresh!

I have a mortgage and that helps..but buying something every once in awhile using my credit helps keep my numbers up and my credit available!

Ironically...I have more than enough in savings to pay cash for it...but my savings was never intended for something like this...so instead of walking in with a cashiers check and paying for it...I am just going to sit back and wait for this nice letter explaining it to me...and then throw a nice fit on them!



posted on Jan, 10 2012 @ 09:11 AM
link   

Originally posted by Destinyone
reply to post by jerryznv
 


Regarding identity theft. If someone has *applied* for a loan, but it is still in the approval stages. It would not show up on your credit report as a done deal. But, it would still be in the system as applied for. Does that make sense to you...I'm not the best at explaining things.

I sure hope this is not the case.




Makes perfect sense...I had not thought of that...could be a pending loan that is over extending my debt to income ratio!

Good call...I might have to explore my credit a little further..and under closer scrutiny!



posted on Jan, 10 2012 @ 09:16 AM
link   

Originally posted by jerryznv

What happened to loyalty...years of doing business with Chevy...and they dump on me!



I've asked the same question myself. I think as a modern societal practice people forget what loyalty means. Back say, 60 years ago loyalty was different. Think of a small town store in a small city sort of location. People had relationships with each other and the store owners new everyone who came in. Often times they had a credit system which consisted of a piece of paper with names and debts on it, and that was sufficient. Kids could go to the store all alone and buy some candy with change they found in the strangest places. People were loyal, even if the store made a mistake in an order.

Lets say a customer ordered 25 links of sausage from one of the local butchers and they received 26. as a nice gesture because of the relationship they had with the owners. The customer would be thankful and continue business with the shop. If the same customer ordered 25 links of sausage and only received 24 then the butcher shop would throw some extras on the next order in addition to the one they missed the last time. The customer would be happy, and they'd continue business with them. That loyalty isn't there today. If a customer get's something extra it's seen as though the customer deserves it because it's so expensive, and for the love of all that's good don't short change the customer. Now days if the same shop were to miss the order count by one the customer would go back irate, make a scene, and find another store to shop at entirely.

I think loyalty is a huge problem when it's absent. For a more recent example of loyalty issues, look at Research in Motion. For years people were all about the BlackBerry line of devices, and people flocked to the small powerful devices which provided a clean and business oriented user interface. This large customer base made the company quite powerful and a top customer choice. Then Research in Motion experiences some technical issues with its networks, and it doesn't move to the fun frenzy type interface like iOS and Android and everyone dumps the company on a whim because of some new phone. Of course the company and the phone have no bearing of importance here, it's just the simple fact that people were BlackBerry fanboys one day and haters the next. What kind of attitude is that?...

The word that comes to mind is fickle. We're all a bunch of fickle people.



posted on Jan, 10 2012 @ 09:23 AM
link   
reply to post by Mapkar
 


Awesome analogy...I agree...times have changed for the worse over the past 60 years or so!

I am hoping this can all be resolved when I get this letter from GMAC and I make a few phone calls!

I am a loyal customer...and they have been in the past a loyal provider to me...and I would hate to see years of buying and selling to me be thrown away because of some simple error on their part!

I suspect though that it is going to work out for the worst...with millions of clients...I am just one duck in the pond and they probably could give two shakes if I am unhappy...let alone doing anything to make it right!
edit on 10-1-2012 by jerryznv because: ...



posted on Jan, 10 2012 @ 09:46 AM
link   
Okay, there is a dealer who won't sell his car to you. Because your credit was declined (as far as I unterstood). You say that there is nothing wrong with your credit-line, you have enough money.

My first thought was: "Oh dear, buying a new car every odd year or so, that must give a lot of credit to pay for in the end, it sums up."

But really, I have no clue why he didn't want to make the deal.



posted on Jan, 10 2012 @ 09:53 AM
link   

Originally posted by ManFromEurope
Okay, there is a dealer who won't sell his car to you. Because your credit was declined (as far as I unterstood). You say that there is nothing wrong with your credit-line, you have enough money.

My first thought was: "Oh dear, buying a new car every odd year or so, that must give a lot of credit to pay for in the end, it sums up."

But really, I have no clue why he didn't want to make the deal.


Well sort of...the dealer was more than willing to sell me a truck...but the financial institution that has provided me credit over the last 15+ years...for some reason was unwilling to extend me a loan this time.

Whether or not something is wrong with my credit is still forthcoming...the letter I get should explain the reason for their decision to decline me credit.

As far as buying a new truck every couple of years...well ya...by the time I have made 24 or so payments on it...I have it paid below what it books at...and usually come out ahead!

Buying new has it's advantages and it's disadvantages...it's just a matter of preference I suppose.

Having the money to pay cash for it defeats the purpose...that is not what I want to do...or what I am going to do!

Taking that much out of savings would come close to wiping me out (although I do have a decent amount saved in my retirement account). The point is...my credit has been good enough for 15+ years and now all of a sudden I am not good enough for a loan!



posted on Jan, 10 2012 @ 09:56 AM
link   
You may wonder if GM does not want to loan you the money via GMAC while they have to pay for their plants, employees, etc. They evidently want you to obtain a loan elsewhere so that they get paid on the spot. That would be a sign that they need the cash pronto.



posted on Jan, 10 2012 @ 10:02 AM
link   

Originally posted by Aliensun
You may wonder if GM does not want to loan you the money via GMAC while they have to pay for their plants, employees, etc. They evidently want you to obtain a loan elsewhere so that they get paid on the spot. That would be a sign that they need the cash pronto.


The only problem with getting a loan somewhere else is the interest rate really.

GMAC has always offered me outstanding loans with little (and at times) no interest.

It would be difficult to get the same kind of loan elsewhere...especially on a vehicle...considering it would be a new account.

My bank offers auto loans at some outrageous interest rates...so that is not really an option I want to explore right at the moment.

But you are probably right...GM probably wants its money right now as opposed to a 6 year loan!
edit on 10-1-2012 by jerryznv because: ...



posted on Jan, 10 2012 @ 10:02 AM
link   

Originally posted by Aliensun
You may wonder if GM does not want to loan you the money via GMAC while they have to pay for their plants, employees, etc. They evidently want you to obtain a loan elsewhere so that they get paid on the spot. That would be a sign that they need the cash pronto.


The only thing wrong with your scenario is, in corporate business it's not the money you have on hand, it's the cash flow projection numbers that float the game.

If GM only accepted cash buys, that would put them out of business in a heart beat. Unless China were doing some incredibly huge cash deal for all their inventory. But, I don't think that is the case.

des



posted on Jan, 10 2012 @ 12:37 PM
link   
Couple of questions.

Would this have been a zero interest loan? I know Chevy has offered these in the past. I have a 2007 Classic Duramax and they were pushing this when I got my truck.

So if you buy every couple of years you pay off the old loan with the new one? In these 15 years have you ever paid off a loan completely, or do you just "roll over" one loan into another?

Do you know what your credit score is? (I'm not asking you to share unless you want to, but asking if you have that piece of information for yourself.)



posted on Jan, 10 2012 @ 12:49 PM
link   

Originally posted by schuyler
Couple of questions.

Would this have been a zero interest loan? I know Chevy has offered these in the past. I have a 2007 Classic Duramax and they were pushing this when I got my truck.

So if you buy every couple of years you pay off the old loan with the new one? In these 15 years have you ever paid off a loan completely, or do you just "roll over" one loan into another?

Do you know what your credit score is? (I'm not asking you to share unless you want to, but asking if you have that piece of information for yourself.)


Well no this loan was at 3.2% for six years...but in the past I did have a couple 0% interest loans for GMAC!

Usually my equity is enough to show a small down payment and a new loan reflects that...so ya...the new loan actually pays off the old one and rolls over...for instance...two years ago I traded in my Duramax and it booked for $38,000 and I owed $29,000 on it. So the difference just reflected as a down payment on my new one...and subtracted from the new loan!

In 15+ years I have never paid off one of my trucks...just keep trading them in and getting a new one...but we have paid off 4 cars in that time through GMAC...my wife falls in love and never wants to get rid of her car until it is completely necessary...so we do have loans paid off with them!

As far as my credit score...well it is 700+ with my mortgage it went up quite a bit...at the moment it is 700+ though according to Equifax! I didn't check all three major reporting credit bureaus though...so it may vary a little either +/- a few points!
edit on 10-1-2012 by jerryznv because: ...



posted on Jan, 10 2012 @ 01:38 PM
link   
reply to post by jerryznv
 


Duramax is a sweet ride, isn't it? I love mine. I'm going to attempt to explain what I think has happened. I'm not trying to intentionally piss you off, though I know in advance that you won't like this. but I am trying to get inside their head to see their point of view. Obviously we all know credit has tightened considerably. That's the overall environment that extends beyond us and beyond the banks.

You would think that the primary purpose of GMAC is to help GM sell vehicles and that they would go out of their way to do so, i.e.: GMAC should support GM in selling vehicles and making a profit off of them and should NOT worry about its own profits if they are breaking even. (GM probably wants GMAC to do both.) It doesn't look like they are doing that. Instead, they are treating themselves as a profit center. You may want to point this out as you deal with them. Let's assume for the moment that this is what they are doing, however misguided it may be.

Here you come along with respectable credit. It's not top notch: 800+ is top notch, but, still, it's respectable, so you have been able to secure loans, not only for your trucks, but your cars and your house. You're a guy who utilizes loans as a way of life. I'm not saying that's bad. Probably most people do it, but it's a fact that you normally have at least two loans going, if not three or more. (Truck, house, car)

Now GMAC has been giving you great deals, from zero to 3% or so. As you said, they are a lot lower than a typical bank that wants 12%. So GMAC is not making any money on these deals. At zero% they are losing money, doing the GM support thing like they maybe should be, and even at 3% it isn't adding to their bottom line much, if at all. You know this is a good deal because, as you said, you'd rather get a loan from them than a bank.

And you never pay off your truck loans. For 15 years you have established that pattern. Essentially you are asking GMAC to carry you permanently. They never get their money. They are always carrying the bigger part of the load so you can have a new truck. I know you pay on time and all that, but in terms of the principle you owe, you are always a debit on their books. You "pay off" a loan by getting GMAC to re-loan you money. From their standpoint they keep giving you money which you have no intention of re-paying in full. GMAC has never made a dime off of you. Indeed, they've lost money. But for 15 years they have done what "GM Corporate" told them to do and loaned you money so "Corporate" could make a sale. They've been loyal to "Corporate" and they've been loyal to you. But they are between a rock and a hard place. While "Corporate" wants GMAC to make loans to support GM, they very likely hold their feet to the fore to make a profit, too.

If I were a GMAC Loan Officer I would be telling "Corporate" this: "Look. This guy is permanently in debt to us. We lose money on him year after year after year. In fact, we probably have lost more money giving this guy his permenent loan than you have made profit on the trucks he buys! So we're not going to do it any more."

And that's why they won't make yet another loan to you. You're pretending to be a victim here and portraying them as the bad guy. You've been playing them for fools and they are finally cutting off the gravy train. You had a good run at their expense. Now, it's over. Daddy is finally cutting you off.

BTW, I have no intention of arguing with you about this. That's how I see it. End of story.
edit on 1/10/2012 by schuyler because: (no reason given)



posted on Jan, 10 2012 @ 02:31 PM
link   
reply to post by schuyler
 





And that's why they won't make yet another loan to you. You're pretending to be a victim here and portraying them as the bad guy. You've been playing them for fools and they are finally cutting off the gravy train. You had a good run at their expense. Now, it's over. Daddy is finally cutting you off.


I can understand you logic...and respect you opinion!

I don't think I am a victim...of anything more than not being approved for a loan...hell...nobody can borrow money in this economy.

I will keep making payments on the truck I have...and eventually it will be paid off. They will have finally made money off of me...and my free ride will officially have come to an end!

I don't really think I have been playing them at all...I make my payments...trade in my truck for a new one and make payments on that...I am paying for what I have...I surely am not making any money off of it!

Good points though from you...and I will respectfully consider this as a possibility!

I suppose the letter explaining my denial will probably clear up any misconceptions about why I was denied...so I will patiently wait for their response.

Just out of curiosity...do you think when GMAC asked for 5 billion dollars...the free ride might have just started for them? I don't know if they have or have not paid a dime of that back yet! Speaking of victims!



posted on Jan, 10 2012 @ 02:51 PM
link   
reply to post by jerryznv
 



we have paid off 4 cars in that time through GMAC...my wife falls in love and never wants to get rid of her car until it is completely necessary..


On the plus side, you have a very smart, practical wife. Not every guy can say that.

I think it's the economic and political climate in the US right now. It's just too uncertain.
Hopefully, you aren't a victim of identity theft.



new topics

top topics



 
8
<<   2 >>

log in

join