Vehicle loan or lease -- Problems at the end of the loan or lease -- Complaint #6904938
Complaint Overview
Complaint ID: 6904938
Company: General Motors Financial Company, INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Problems at the end of the loan or lease
Sub-Issue: Problem related to refinancing
State: Texas
ZIP Code: 76513
Date Received: 2023-04-28T12:00:00-05:00
Date Sent to Company: 2023-06-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XXXX XXXX sold us a XXXX XXXX XXXX XXXX We had informed them that we would finance it with them and refinance the next day with our credit union, due to them being closed for the day. We were told that was no problem. Fast forward to the finance office, everything is complete and signed at 7.79APR for 72 months. After we were leaving they told us we can not refinance for 3 months, which was not at all what we were planning on doing. We knew we could get approved at our local credit union around 3 %. After the 3 months the interests rates went so high it didnt make sense to do a credit inquiry for a refinance. 5 months after the purchase we were told by another dealerships finance manager that used to work at XXXX, that he was lying and the dealers make a commission on financing in-house, so if you refinance they dont make the commission. We reach out out to the finance manager from the original purchase via text and he now stated we had to wait 6 months to refinance. After this I read thru my contract and it revealed there is not prepayment penalties at all, and we could indeed refinance at any point.
Frequently Asked Questions
What is Complaint #6904938 about?
Complaint #6904938 was filed against General Motors Financial Company, INC. regarding Vehicle loan or lease specifically about Problems at the end of the loan or lease. It was received by the CFPB on 2023-04-28T12:00:00-05:00.
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.