Consumer complaint received 2022-09-18
Company: General Motors Financial Company, Inc.
State: NJ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Denied request to lower payments

Complaint:
I am a mature and responsible woman who suffered significant hardship when entering into a predatory and exploitive loan with GMAC Financial through a trusted XXXX dealership in NJ. Not only do I hold a supervisory and long-term position with the state of NJ, I am in recovery from a significant and serious XXXX XXXX and a XXXX XXXX XXXX. At the time of entering into this car loan in XXXX of XXXX, I presented at the XXXX XXXX dealership visibly upset and confused due to a traumatic experience with XXXX XXXX in XXXX, NJ days earlier. Due to these reasons, despite being a life-time, loyal customer of XXXX, I fell prey to being " scammed, '' and financially exploited by GMAC Finncial and XXXX by entering into a falsely-termed and predatory car loan. 

This encounter was precipitated by my unknowing purchase of a XXXX XXXX XXXX a few days earlier where I purchased a XXXX XXXX XXXX at a cost of XXXX XXXX XXXX  Due to my regret over the purchase the following morning, I contacted the XXXX dealership in XXXX, NJ to request an alternative purchase of a XXXXXXXX XXXX  I was informed by the dealer that the loan was " non-negotiable, '' and that they had no existing inventory of an alternative vehicle. This incident was formalized in a complain to the NJ Attorney General, who reported that the matter had been investigated thoroughly and that they found no wrongdoing on the part of the XXXX dealership. 

In true desparation, I turned to XXXX XXXX in XXXX, NJ, where I was a loyal customer in the hopes of a " good deal '' on a XXXX with the trade-in of the XXXX XXXX XXXX. It is then that I regrettably entered into a car loan for a XXXX left-over XXXX XXXX XXXX through financing at close to an 11 % interest rate for a XXXX loan to pay for the only vehicle offeted. Since that time, I am locked in to a @ $ XXXX car loan for which I currently owe $ XXXX on -- double what the value of the vehicle currently is. 

I entered into this loan because I was financially and emotionally vulnerable and cognitively compromised. I also took the spoken word of the finance manager that I could return for a more affordable purchase after making payments to XXXX for several consecutive months. I honored my commitment and when returning to him, he denied making this promise ( my husband was present and also heard that the purchase and loan were negotiable ). 

Despite numerous efforts to bring the circumsatnces to GM Financial, I continue to be obligated to a car payment of $ XXXX, and still owe {$25000.00} on the loan. This loan has had horrific impact on my financial health and has caused severe and long-lasting negative impact on my credit history and XXXX XXXX  XXXX 

I am hereby requesting that both GMAC Financial and XXXX be fairly and objectively investigated so that a fair and manageable reconciliation of these unfair circumstances be reached. I am literally outrgaed by persons in my situation being financially and morally exploited by large corporations exploiting persons through predatory lending practices. It is now to the point that I am literally medically indigent and unable to pay my mortgage and for other basic necessities due to the crippling effects of these large and wealthy enterprises. Any assistance with this compelling situation would be deeply appreciated!!

Company response to consumer: Closed with explanation