Auto loan company doesn't give Helenwood man credit for payments

Auto loan company doesn't give Helenwood man credit for payments on car

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"If they'll pay my lawyer and pay me for the time they used the truck, I'll be satisfied," Johnny Yancey said. "If they'll pay my lawyer and pay me for the time they used the truck, I'll be satisfied," Johnny Yancey said.
Within a week, Yancey's attorney received a letter saying they had closed his account and were no longer pursuing any deficiency. Within a week, Yancey's attorney received a letter saying they had closed his account and were no longer pursuing any deficiency.

By DON DARE
6 On Your Side Consumer Investigator

HELENWOOD (WATE) - A Scott County man thought it was strange when the state sent him vehicle registration papers.     

The registration sent to Johnny Yancey at the beginning of the year was for a truck he once owned. But it hadn't been parked at his home in Helenwood for over three years.

It had been repossessed, yet it was still registered in his name.
 
More than three years ago, Yancey purchased a Volvo from a used car dealer in Powell.

He had owned a 2007 Nissan pickup, bought new in Knoxville, but it was giving him trouble.

So he left his truck at the old Ron Manis car lot, which is now closed, hoping they could sell it for him.

"It didn't sit there but four weeks," Yancey said.

But he still owed money on the pickup. His loan on the truck came from Americredit.

The company repossessed the truck in December of 2009 and told him he had abandoned the truck after they took it.

Shortly after the truck was repossessed, Yancey started making payments on what he still owed.

"They called me and we talked," he said. "I decided then to make payments to keep up my credit."

For more than three years, he made payments to GM Financial, the owner of Americredit.

But Yancey called 6 On Your Side after noticing a discrepancy with his payment history with the company.

Yancey said that in March of 2011, his balance was $5,958. But when he checked his balance in January 2013, he noticed the balance was $5,993, even though he had continued making payments.

Another problem came when he received a vehicle registration notice in January.

It shows that the repossessed truck is still in his name and that of his ex-wife.

He worried about liability if someone was injured while driving the truck, so he called GM.

"I asked them, 'If you would just tell me how much you got out of it and who has it, then I'll be satisfied. They said Mr. Yancey, that will never happen," he said.

Beginning two weeks ago, 6 On Your Side wrote to GM Financial and explained Mr. Yancey's situation. We were told they can't respond unless he contacts them.

We explained that Yancey has talked with customer service several times and his attorney wrote a letter.

Within a week, Yancey's attorney received a letter saying they had closed his account and were no longer pursuing any deficiency.

They also said that indeed the lien was released in 2010, and GM Financial has sent additional information to the state.

"I am really happy with the decision they made. I feel like they are fair," he said.

But while he's pleased with the letter, he's still dissatisfied.

"If they'll pay my lawyer and pay me for the time they used the truck, I'll be satisfied," Yancey said.

What he learned through all this is that record keeping is important. He kept all his papers and was able to show the loan company that some mistakes had been made.

Maintaining records for a big ticket items is a good thing to do. 


If you have a consumer issue, call the 6 On Your Side Hotline at 865-633-5974 or email ddare@wate.com.

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