Vehicle loan or lease -- Managing the loan or lease -- Complaint #4676120
Complaint Overview
Complaint ID: 4676120
Company: General Motors Financial Company, INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: Minnesota
ZIP Code: 55420
Date Received: 2021-08-30T12:00:00-05:00
Date Sent to Company: 2021-08-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I've made my payments on-time since i started this new car loan. My payment should be {$460.00} per month. I paid {$500.00} per month since my loan payments started and got a bill in the mail. The payments i made were applied to the payment plus prepaid part of the next payment. I believed GM financial operated like XXXX XXXX ( XXXX XXXX ). Where if you make a payment plus additional the extra will go to principal to provide me with the reward of seeing my loan paid down sooner. As a XXXX XXXX i understand the need for paying bills on-time and paying extra to gain equity. I called GM financial today and was told they can not accept monthly payments plus an additional principal payment at once. I am required to make the payment first in a separate transaction and then make a XXXX payment in its own transaction. Of course with the monthly payment being made first. That's what i thought was happening. I feel this is borderline financial fraud/harm. Thus creating a unofficial prepayment penalty and i'm very disappointed that GM would not reverse how they applied my payments. Asking for the payments I have made to be applied to the monthly payment due first with rest being applied to principal. The phone rep confirmed their website or app is NOT equipped to give the XXXX any control how their payments are applied and i need to remember to call in essentially one day after maknig the monthly payment if i want to make an additional principal payment. That's very dissatisfying to hear. I'm truly disappointed. This was my FIRST time doing business with GM financial. I had prior Auto loans with XXXX & XXXX XXXX in the last 15 years and NEVER experienced this when i made additional principal payment 's
Frequently Asked Questions
What is Complaint #4676120 about?
Complaint #4676120 was filed against General Motors Financial Company, INC. regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2021-08-30T12:00:00-05:00.
How did General Motors Financial Company, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against General Motors Financial Company, INC.?
Yes, visit the General Motors Financial Company, INC. company profile at readthecomplaint.com/company/general-motors-financial-company-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.