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GENERAL MOTORS FINANCIAL COMPANY, INC. – CFPB Complaint

By on January 3, 2018
Consumer Complaint Submission

Date Received: 2017-11-02T00:00:00

Product: Auto debt

Issue: Took or threatened to take negative or legal action

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I am a member of the XXXX XXXX XXXX, and, prior to joining the military, I acquired a loan through GM Financial with XXXX XXXX XXXX for the purchase of a vehicle.

Since incurring this obligation, I entered the active military service of the nation in the United States XXXX on XXXX XXXX, XXXX. This entry into active military service materially affected my ability to pay. Under these circumstances, federal law prescribed the maximum interest rate which I was to be charged.

The Servicemembers Civil Relief Act ( 50 U.S.C.A. 3937 ) prescribes a ceiling of 6.00 % annual interest on any obligation under the circumstances described above. This interest rate must be maintained for the entire period that I am on XXXX XXXX, even if I default. The percentage cap includes all service charges, renewal charges, and fees. The rate is applied to the outstanding balance of the obligation as of the date of entry into XXXX XXXX service. Any interest charged above this statutory ceiling must be forgiven, not accrued. Any person that knowingly violates this section may be fined and/or imprisoned.

Therefore, I have asked GM Financial to amend its records to reflect this statutory ceiling and that any charges in excess of a 6.00 % annual rate are withdrawn. Also, I have asked for a detailed accounting showing the credit I was given for my time of XXXX XXXX service XXXX XXXX XXXX, XXXX to present ) with the 6.00 % interest cap reduction. I asked GM Financial to apply the credit to the principal balance on the loan.

They received the letter stating above from me on XXXX XXXX, XXXX, and I have received no response. Instead, GM Financial reported the entire balance ( with no amendment ) to the credit agencies as a write-off, and I am now having problems with my security clearance.

READ  BANK OF AMERICA, NATIONAL ASSOCIATION - CFPB Complaint

Company: GENERAL MOTORS FINANCIAL COMPANY, INC.

State/Zip: PA 191XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2718658

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

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