CommentMy name is Sandy and I am currently in the process of filing a complaint with the California Attorney General’s Office about the predatory lending practices of the now defunct, Long Beach Acceptance Corp., and Americredit who bought their papers.
ANYONE WANT TO GET ON BOARD?
When I purchased a car in 2007, my FICO score was good. Not bad, but not excellent. But, it was high enough that my APR should have been a lot lower than 12%.
I was so happy to get a car that it didn’t dawn on me that the 12% was out of line with my FICO score.
When I contacted Long Beach Acceptance Corp., to confront them with this, to my chagrin, I was told that they were out of business and that all future payments should go to Americredit.
By the way, they went out of business because they had to pay over 245 million dollars in restitution money for “Predatory Lending” practices.
This was, I believe between 2004-2006. Apparently they haven’t learned their lesson because here it is 2009 and they are still up to their old tricks.
With this economy, I can’t, and I’m sure the readers herein, can’t afford to continue paying interest on loans that probably were a result of predatory lending.
Perhaps the Attorney General’s Office will take the time to look into these practices.
Let's pursue this.
Sandy
 Comments (3) |  |
| 1. Written by OnBoard, on 29-09-2009 14:24 I believe the same thing has happened to me, we should talk. I'm searching for perhaps a class action suit or something. Let's compare notes. |
| 2. Written by Sonja Floyd Keith, on 13-08-2009 13:09 I am filing information with the Alabama Attorney General's office as well. They charged me a high interest rate as well. Further, they harassed me at work and divulged my personal information to my coworkers. |
| 3. Written by gd, on 04-04-2009 07:59 I too am in the process of contacting the attorney generals office in Indiana. I have been paying on my car loan for 5 yrs this July and they are still charging high interest on each payment. You would think that after 5 yrs the interst woyld be done and only principle owed. Out of a payment of 371.78, only 193.02 is going to the principle. Which means, I may have another two years to pay off, but according to the "office" I should be paid off in May of 2010. Ye aright. Like I said, I am submitting copies of everthing to the Indiana att.gen. for review. |
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