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Please forgive me if this isn't clear. I'm not sure what to say because there's so many factors. I bought a new car and the salesman told several lies and I was very unhappy with him. I made a complaint to the main office. I got this number from the Yellow pages. A week later, I got a letter from General Motors Acceptance Corporation that said, 'We must regretfully inform you that we were not agreeable to handling the proposed transaction as submitted'. Two days later, I got my first installment bill 3 days before the due date. I quickly paid it. I don't understand this at all. I'm very confused. They gave me 60 days to settle this matter. Please help me. Thank you. :(

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Thank you for your reply. The letter from GM says, 'We were recently informed by (dealer) that it was considering the credit sale or lease of an automobile,... and asked if we would be prepared to accept your obligation if the transaction was completed'. They said their refusal was based on my credit history. The problem with my credit history is the same as it was when I originally leased a 2000 Prism almost 3 years ago. I made all of the payments on that car until I traded it for my new car. At the bottom of the same letter, the last sentence reads, 'We regret that we were not able to approve the transaction as submitted'. I have read my contract top to bottom and there is no mention credit sale, or anything to do with the loan, except to say it is for 0% interest for 5 years. I paid $5,260 already towards the purchase of this car plus I've paid one installment payment on the loan. Something isn't right. Is the Pontiac dealer or GM trying to rattle me because I made a complaint? This really upsets me. I am honest. The salesman told many lies, including the odometer. The contract says it has 125 miles, but it had 161 miles on it when I picked this car up. My husband has health problems and the stress from this very much worries me, so I am trying to settle this and keep him out of the picture. I just feel so sad. :confused:

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call and ask them about it.....check your account with GMAC. I got this letter from them about 6 years ago when I financed with them. I never had any problems, I'm thinking they may have rejected you initially then reconsidered to get you into the car.

never hurts to call them and discuss, make no mention of the letter. just find out if you have an account. Unless they are saying take the car back to the dealer then you should be ok. If you take the car back they are taking a very big loss, they cannot sell the car as new anymore and have to take a depreciation hit. So give GMAC a call and see what they say...

ching

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If what I already explained wasn't bad enough, it gets worse. The salesman told me the leased car I turned in was in good shape and I should only have to pay minimal wear charges. I don't think $95 is minimal wear. GMAC also told me I would have to pay the difference between my lease contract and the price the vehicle gets sold. The salesman told me that under the GM early lease return program, I would not be obligated to pay anything but normal wear and tear on the leased car. He mentioned nothing about selling the leased vehicle and me paying the difference between the lease contract and what they could sell the vehicle for. I bought the car March 31 to take advantage of this early lease return. My lease would have ended in June. Did I get Fooled!? This makes me sick. :mad:

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sorry to say you might have to eat the 95.00, I got charged that when I leased a vehicle even though it was returned in pristine condition. As far as GMAC and your lease I would contact them directly by phone and see what the deal is, maybe you could work out a deal. If it's within 30 days you may be able to take the car back and get your old one in return if it comes to this. I hate leases, I did one and will never do again.

ching

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This whole thing sounds bizzare to say the least.

On one hand it sounds like they are saying they didn't approve you for the 0%, 5 years, but on the other hand they took your payment.

If it were me I'd leave it alone and continue to make on-time payments.

If they cash the checks then they are essentially saying you have a contract with them for the terms you agreed to on the signed contract.

BTW, I'm not a lawyer nor do I play one on this board.

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