GMAC
Reviews and Complaints
www.gmacfs.com
Shakirah Yun
Bloomington, Illinois
Interest Rate
We took a second mortgage out with this company over 10 years ago with a heaping interest rate of 12.5 which is highway robbery in this time of low interest rates. So we thought they would consider giving a lower interest rate since we have never had a late payment and have a good credit rating. Our finance company on the first mortgage lowered our rate to 4.75. This company would not lower our rate at all. They are not interested in their customers and make that very clear when you speak with them. We will be refinancing but not with them. Further more I will never finance anything with this company again. It is a shame as I can remember when GMAC was a good company. In my opinion, now they are just a rip off!!!
2 comments
Anonymous
Charlotte, North Carolina
GMAC/ALLY
WARNING - DO NOT LEASE A CAR FROM GMAC/ALLY they hold their customers hostage. We leased a Cadillac SRX in 2010 and two years later decided to trade it in for a new vehicle. In the process of trading it in, we found out that GMAC/ALLY penalizes you for early termination (Dealer did not point this out). We had paid the principal down to about $25,500 and when we went to trade it in, GMAC/ALLY quoted a trade-in amount of $32,000. If we purchase it, then we can have it for $28,000. Their excuse is that they sell them to the dealer for market value because they don't have a contract with the dealer. I've leased a lot of cars and have never had an issue with trading a car in. I guess we are now stuck for another year. Oh by the way, their solution to the trade in problem is for me to buy the car, pay the taxes and title fees, and then trade it in.
ramitche
Macomb, Michigan
GMAC Mortgage
The same thing is happening to me. GMAC is not posting my payments correctly. I was paying more toward my principal to try and pay down my mortgage and instead of putting the extra to the principal amount they were putting it under other which does not reduce the interest. They laid off all their employees here in Troy, MI that understood English and knew how to apply the payments correctly and moved that portion off shore and no one understands whats going on. I think that a class action law suit might be in order.... Everyone start posting all you're complaints.
1 comment
Anonymous
Las Vegas, Nevada
MANIPULATING MY MORTGAGE PAYMENT
EACH MONTH I MAKE ADDITIONAL PRINCIPAL PAYMENT WITH MY MORTGAGE PAYMENT STATEMENT. INSTEAD OF REDUCING MY PRINCIPAL BALANCE, THEY INSTEAD USE THE EXTRA PRINCIPAL MONEY TO CREDIT A FUTURE MONTHLY PAYMENT. BY NOT REDUCING MY PRINCIPAL ON TIME, THEY ARE CHARGING ME MORE INTEREST TO THEIR BENEFIT. THEY HAVE DONE THIS TO ME SIX TIMES IN THE LAST 3 YEARS. THEY ONLY RECANT AND CHANGE THIS PRACTICE WHEN I CALL THEM ON THE PHONE AND COMPLAIN. FOR A COMPANY THAT WAS BAILED OUT BY THE FEDS THIS UPSETS ME. THE GOVERNMENT SHOULD HAVE LET THEM GO BANKRUPT. THEY NICKEL AND DIME ME EVERY CHANCE THEY GET TO CHANGE MY EXTRA MORTGAGE PAYMENT TO BENEFIT THEM AND NOT ME THE CONSUMER. I WANT RELIEF FROM THIS PRACTICE.
3 comments
Derrien Gva
East Stroudsburg, Pennsylvania
GMAC Constrcution Loan disaster
In 2008 I closed on a constrcution loan with GMAC to have a home bulit in PA - Paid all my permit fees and upgrades to my home along with my down payment and closing cost. I moved into my new home in Sept 2008. I was told by GMAC that they could not convert my End loan until I sold my home in NJ. Dec of 2008 I sold my home in NJ. I waited for a month and a half on Jan 2009 I got a lettr from GMAC that my loan had been denied and they would could not provide me with a mtg. To make matters worst I lost my job of 16 yrs. I was next sent a forclosure notice. At this time GMAC was getting a Bail out and just threw me under the bus after nearly begging for help they let me pay interest only and my loan has been sold to two lenders and not even listed on my credit report and not helping my principle go down on the loan. this has been going on now for nearly 4 years with no Lender will help me refinance no one wants to deal with a construction loan. I have a job now but my income in nothing like I was getting paid before. I've almost ran out of my saving paying my taxes, interest only and mtg insurance. Can you image building saving your money for years to build your dream home and then to be told after approving your construction loan re cannot give you a end loan what a dirty trick but you can pay almost a thousand in interest only If there is any one out there please help me im soon to loose my home .......
Loss:
$80
Margaret M Zje
Chicago, Illinois
Title issue
In 2007 I paid off my Saturn Ion. To get the correct payout amount, I called GMAC and got the automated service, which gave me the option of payout amount. I had a check issued in that amount and paid for the car in full. Several weeks later I received the title. Two years later, I received a letter stating that I owe one more car payment, which clearly was not the case since I was issued the title. I called, and the woman I spoke to, a manager, said that indeed did not make any sense and she would get to the bottom of it. I never heard back, and assumed it was taken care of. Almost a year later I received another letter, went to the Saturn dealership and spoke to the business manager. He agreed it made no sense and said he would look into it. Now, I'm ready to trade my car in, and there is a lein on the title from GMAC. This is ridiculous. I'm going to end up paying a payment for a car which has already been paid in full!!!! I'm so incredibly angry.
1 comment
Dallas K Bqf
Palm Springs, California
If You were taken advantage by GMAC then don't let them get away with it.
If you feel you were taken advantage by GMAC then don't let them get away with it. The only real way to get any kind of justice or compensation for you and your family is to sue GMAC in a court of law. Before you had to be rich to take a major bank to court, but times have changed. If you feel you have been wronged by GMAC and would like to know more about your options then please feel to call me at 760-324-**** or e-mail me at dallas92270@***.com and let's talk.
Anonymous
Kansas City, Kansas
Loan modification
.i did loan mods on three rentals one in prairie village ks,One in overland park Ks,one in mission Ks,I made payments via western union cost me 12.50 every timeI did this on all three houses for one year on all three house 1400.00 one house 1050.00 one house 980.00prI was told if I made 3 months worth of payments they would remodifie my properties. I sold all my resourses one including my 1966 corvette that i had for 15 years not to mention i had these houses for 11 yrs and fixed them all up to rent out for my future.They kept making me do this plan every three months I never misses a payment.I dont know why these idiots would send back my last payment and forclose know wonder the housing industry is so screwed up GMAC will pay.I lost all respect for these people what the *** is wrong with you. You lie cheat and steal I did what you said to do you even sent a person to my house and I filled out paper work then you cant find it.Nice going you just ruined my life.And appaerntly all kinds of others get out of the mortgage business I hope it was worth what you did to me and others.
Marie S Zkj
Everett, Washington
Harassment by GMAC
We have 4 rental properties financed through GMAC. Each month they start calling on the 2nd if they have not been paid. Payments are not late until the 16th and we always pay by the 10th after all the rents are collected. This month we set it to come out on the 14th. Between the 2nd and today we have gotten 35 phone calls asking when they will be paid even after we tell them that they will be paid on the 14th. They have started calling me at work now also. I am wondering if anyone else had this kind of problem with them? Is there grounds to file harassment against them? I am sure going to look into it and also trying to refinance all of them.
4 comments
Anonymous
Atlanta, Georgia
Specialized Loan Servicing added fees to my loan
My original loan was with GMAC mortgage. I had it for 10 years. Then in January 2012 it was transferred to Specialized Loan Servicing. Immediately I noticed that they added 100.00 in fees to my mortgage. I have asked them many times by email why is it there. I keep getting referred to the customer service department. That would be fine if anyone in customer service could actually help me. They cannot and have not been able to tell me. I don't know how a company can just add a fee to a mortgage - how can they change the terms
2 comments
Kanoa Iha
Detroit, Michigan
GMAC Puts monthly payments on Principal; leaves payments
Two months in a row GMAC Mortgage has applied my monthly mortgage payment, paid in full and on time, toward the Principal rather than to the monthly payment due. I have been paying the same way (electronically) many years; this is the first time I've had this problem. I called the first time and spoke with 4 Customer Service Representatives, but was unable to make them undertand the problem. (I explained myself clearly. Obviously I have more than an adequate grasp of the English language.) The explanation I received was they "don't accept early payments." I told her that made no sense - her remedy was to send me a refund check! I promptly returned it, signed over to them with the notation "for past due amount only" and an explanation letter. It is the following month and I just opened my bill to discover it has happened again! I want to call again, but what good will it do?
SeniorCitizen
Livingston, New Jersey
GMAC train inept employees, won't admit or correct their mistakes
Switched to GMAC at advice of independent agent in Arizona, but I live most of the year in Nevada so had to call GMAC on phone for Nev. agent. Told this 'agent' on the phone I wanted the EXACT coverage I had previously had with my old company, read it over the phone for truck, jeep and RV. He got it wrong, and did not put comp and collision on my truck, but put it instead on the RV I tow! Most agents would know that is not right! I didn't catch it in the move. Their policies are poorly set up and hard to understand when several vehicles are involved. Realized 4 months later I DID NOT HAVE COLLISION on my truck when my request was cancelled for glass replacement. That could have been costly had an accidengt occurred!! Complained about the inept agent and supposedly GMAC went back to the original tape of my conversation with that agent and said that was what I told him to do--to put the comp/collision of the RV. (Rediculous!! That is NOT what I requested. The RV is automatically covered with comp/coll if attached to the truck at time of accident. What good agent wouldn't know that?) GMAC wouldn't let me have a transcript of that tape so I too could check!! I immediately canceled the insurance, on Nov. 18 and signed my name to letter to GMAC asking to cancel insurance on Nov. 18 since I had gone with Liberty Mutual (a great company by the way both customer service wise and $ wise) on that date. GMAC ineptly cancelled my insurance on Nov. 17 and sent the info to DMV. DMV was threatening to charge me $500 ($250 each vehicle) for not having insurance for that one day. GMAC said sorry, that Nov. 17 was what I asked for. I had to make several calls before one gal at GMAC said, yes, here it is in the comments, that the insurance was to be cancelled on Nov. 18. Several calls later to both GMAC and DMV finally got it cleared.
1 comment
Amariyah Bye
Boston, Massachusetts
Remortgage with gmac horror
started a remortgage on august 8 2011 with gmac for the amount of 317000. Obama refin special,. Sent all my tax info and pay stubs and anything they needed . By fax or email Sept 17 2011 appraiser checked the home came in with a value or 700000. good equity rite . after several weeks of waiting nothing from GMAC so i called my loan agent Chris Salvatico he said every thing is in works this is nov 10 2011. so i email and call every week till December I get a can from Jenifer a woman working on my loan . to my amazement she asking for the same info i already sent in in august 2011. after tell her this and having the recorded phone call from Chris telling me he got the info . She still insist she will need it again. So I send it all again. Then I get a call from Jenifer that iI was turned down for the loan . Now I am mad. I ask her why . Jenifer tells me i did not get it because i did not live in the house . I said really where do I live dear . She says her appraiser checked off non owner occupied. So i check the Appraisers report no only did he not check it but he also pulled title and deed info from another house in the city. So I flip and tell her to fix My loan and get it done or I will sue them for my whole mortgage amount. Jan 8 2012 comes and goes feb 8 comes and goes still working on it . Now mind you this is a refinance. Jenifer calls me and as's for the same info she was send two months earlier. I tell her to wake up and look into her files and find it . and guess what she does. So now the loan is ready to close on Friday feb 10 2012 so I ask about a rate change due to the run around . She tells me to call Chris my loan agent as he told me to ask when everything is set he will get it done. Chris blows off my calls and my emails till the day of the Feb 10th closing day when i leave a message i can't close till i talk to him . he tell me he can do nothing they are losing money at this point. liar liar . so I say its been six month lets get this closed . then they tell me I will have to close on Saturday 11 2012 at a Library not a attorney office. I get to the closing and check my paper work and they were charging me for every extension and input they could put into the loan . mind you my loan was 317000 on August 8 2011 . Now it 310000. balance so 7000 back after pay off right . no they added in so much money . that the cost were 7000. and I was to pay another 4646.85 at closing for interest one month plus other fee's . So at this time i walked away from the closing told the man closing to *** off . sent a Email to Chris Salvatico read as I hope I wasted your time as much as you wasted my time and money . You screwed up evrything on my loan and still tried to make me pay for your screw up . I had a feeling they were going to screwme back in December that i started a remortgage with my local bank same rate same amount no closing costs will be closing two week feb 26 2012 Small town bank got in done in three month not even and big bank screwed it up for 6 months
1 comment
ccesarone
San Diego, California
GMAC Beware of doing Loans with them!!
I GMAC a month ago since they have been the one servicing my loan. I found out that it was sold to Fannie Mae and I could do a HARP refinance with little cost. They informed me that I can not go to any other lender since they have been servicing my loan. I closed last week and since I have over 75% equity this Harp Refi cost me over $3,000 and they had the highest interest rate they any lender on www.bankrate.com. They also lied about the up front closing cost (Good Faith Estimate...) Beware of they car sales people that call them self loan brokers. Never could they be contacted once the received my application with any questions I might have. Even if you ask to speak to the manager you will never get through they also lie to get the deal. Real crooks and it's just a matter of time when Ally, GMAC and all their other companies they have get closed down.
Loss:
$3
2 comments
bethajai
Washington, District Of Columbia
GMAC- Watch out for the payoff amount quotes
I have been super frustrated with GMAC. Customer service is the worst and I don't believe they were trained properly on what their job should actually be... providing value to their clients. I think when they can't figure out what to do, they accuse you of not sending the necessary paperwork in. I waited for a year for my loan modification after many many excuses and denials for a multitude of non existent reasons and guess what, I'm still waiting! Recently, I had had enough and tried to payoff my loan, I kept getting different payoff amounts. I finally asked someone to break down what the payoff consisted of- it included late fees for a future payment date?! Who does that? How do I get a late fee tacked on to a payment that isn't even due yet? They are stealing from the poor, I tell you! I have to spread the word- when you see the name GMAC- RUN!
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We purchased a 2000 Chevrolet brand new and had it financed through GMAC. This car has been paid in full since 2006 and they have now said that we owe them for place insurance!!!
We were never without insurance and have sent them proof to no avail so now we are considering an attorney. One man told us they wont give us our title until they get 2000 dollars from us which they wont ever seeing how we paid triple what the car was worth. I called time after time and they refuse to release the title saying we owe.
They have ruined our credit as well.Car buyers beware and DO NOT finance through these people. They are ripoffs bigtime.
Same thing happened to me on a 2005 checy suburban. I received the title in the mail but now they say that they settled for less than what was out.