GM Financial Consumer Loan Complaint

GM Financial Consumer loan department,

Vehicle loan Problems when you are unable to pay Texas

- -, -, I purchased a - - from - - located in -, Texas. The initial loan was financed through AmeriCredit - -. The loan was acquired by GM Financial. I contacted a representative on - -, - and requested a printout of my payment history. Upon reviewing the documents I noticed there were several months in which the finance company charged me over $400.00 dollar in interest. My monthly car payment is $510.00. I called the finance company. The representative said I have a simple interest loan. I asked the representative is it legal to charge me an exorbitant interest rate on the loan balance. In my opinion, this type of loan is equivalent to the pay day and or car title loan. I vaguely remember reading the government has passed or is contemplating passing legislation to prevent companies for preying on customers in financial distress. She said the interest is compounded daily on the unpaid loan. On - occasions I encountered financial difficulties and deferred the loan. Unbeknownst to me they charged me - the amount of interest which resulted in additional $2400.00 in payments. I asked the representative how much I would save if I paid the loan off. My current interest rate is 10 %. She said I would not save a penny because they have already added the interest due to the type of loan. Can a finance company legally charge over $300.00 in interest in one month? I am confident - of Americans on a daily basis are paying a high interest on a simple loan due to lack of knowledge. I would not have selected this type of loan option. I relied on the expert knowledge of the loan officer. Example of interested paid : $270.00 interest paid -/-/- $430.00 interest paid -/-/- $390.00 interest paid -/-/- - I was late paying the care note $420.00 interest paid -/-/- - I was late paying the care noteInterest rate in - to - average was $270.00 dollarsInterest rate average in - was $220.00