Vehicle loan or lease -- Managing the loan or lease -- Complaint #4831802
Complaint Overview
Complaint ID: 4831802
Company: General Motors Financial Company, INC.
Product: Vehicle loan or lease
Sub-Product: Lease
Issue: Managing the loan or lease
Sub-Issue: Problem with fees charged
State: North Carolina
ZIP Code: 28211
Date Received: 2021-10-21T12:00:00-05:00
Date Sent to Company: 2021-10-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I performed a one pay lease for the entire 36 month lease term ( e.g., pay the entire lease upfront ). However, GM/GM Financial does not properly calculate the Rent Charge/Interest due under the lease. In essence, GM Financial charges interest on the down payment, which results in paying interest on money that isn't actually loaned. The formula to determine the Rent Charge is : ( Adjusted Cap Cost + the Residual Value ) * the Money Factor * 36 ( 36 = the number of months in the term ). In my case, the total should have been approximately {$3400.00} ( XXXX ) XXXX. GM calculated approximately {$4900.00}, which was due to failing to take into account the cash down on the transaction. Here is GM 's calculation ( XXXX ) XXXX. GM 's failure to properly calculate the lease resulted in me being overcharged interest of approximately {$1400.00}. I've requested a refund from GM Financial, but the customer service representative didn't really understand how to calculate a lease or have any idea what I was talking about, so he was unable to help with the transaction. He told me that he would have someone call me, but no one ever called.
Frequently Asked Questions
What is Complaint #4831802 about?
Complaint #4831802 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 2021-10-21T12:00:00-05:00.
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.